Automating bank reconciliations to support business growth
Prudential Singapore needed a solution to new methods of payment, enabling its finance department to turn a business challenge into a competitive advantage.
Company Overview
Prudential Singapore is a leading life insurance company with an 88-year history of operating in the market. With one of Singapore’s largest agency forces and important bancassurance relationships, Prudential serves over 900,000 Singapore customers with protection, savings, and investment products.
Business situation
Prudential staff must compare thousands of transactions each month to ensure all client payments through various channels are received, and that all client claims compensation and other expenses are always paid on time. This involves comparing bank statements against internal ledgers to identify and resolve mismatches. This reconciliation is highly manual, repetitive work that is neither scalable nor rewarding for staff.
Solution
SmartStream’ TLM® Reconciliations platform provided Prudential with a daily, automated matching of money transfers, in and out, complete with an audit trail.
Key benefits
- Transformed monthly reconciliation batch into a daily one
- Cut out errors from manual handling
- Improved transparency and control with audit trail
- Enabled staff to focus on a handful of mismatches and other value-added tasks
- Improved staff morale and work/life balance
- Scalable solution with volume increase
- Set the stage to drive automated reconciliation across finance
