- Analytics & Modeling - Robotic Process Automation (RPA)
- Infrastructure as a Service (IaaS) - Cloud Databases
- Finance & Insurance
- Leasing Finance Automation
- Time Sensitive Networking
The global bank, based out of North America, was facing a significant challenge in managing its report repository connected to dozens of applications and database systems used across the enterprise. The bank, serving close to 20 million customers worldwide, had to manually download hundreds of thousands of reports from these applications to a centralized location for use on a weekly basis. The file formats were typically unstructured data, usually in text or PDF, with no consistency in report formats across the different applications, or even for reports created using the same application. End users would then manually copy data from the text / PDF formats to Excel-based reports used for reconciliation, attestation, financial reporting, journal entries and other uses. This process was time-consuming, prone to human error, and inefficient.
A Global Bank
About The Customer
The customer in this case study is a global bank based out of North America. The bank serves close to 20 million customers worldwide, has more than 85,000 employees, and has a net asset value of close to $1.5 trillion with annual revenues of approximately $50 billion. It is a member of the Financial Stability Board’s list of global systemically important banks. The bank was using a report repository connected to dozens of applications and database systems used across the enterprise, from different geographies and multiple business units. The bank was facing challenges in managing and standardizing these reports, which were manually downloaded and processed.
The bank turned to Altair to add automatic report modeling and standardization to its Robotic Process Automation (RPA) architecture. The team created a 'bot' to interact with Altair® Monarch®, a software previously used in large projects that reduced reconciliation tasks by more than 1500 hours per month. The bot was designed to automate the download of relevant application and database files from the central file repository to a target folder and complete the bulk extraction of data from those files. Altair Monarch Server Automation Edition was used to automate the transformation of this extracted data into thousands of standardized report formats that meet end-user and regulatory requirements. Using its no-code interface, users could quickly design data models that define the report structures they need, and set up the automation processes so that newly extracted data is made consistent with reporting requirements.
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