How a Top 20 Global Bank Eliminates the Pain of Financial Spreading Using AI
Reduce processing time, increase accuracy and decrease the amount of human intervention needed in the Financial Spreading process.
Our client, one of the top 20 largest banks in the world, wanted to automate their traditional Financial Spreading process. It took roughly 10 analysts to process roughly 200 financial statements per quarter, with 1 analyst processing up to 7 financial statements per month. Spreading and review process per financial statement took anywhere from 1.5 to 4 hours.
This new process reduces the number of steps and people involved in the bank’s Financial Spreading workflow. It also speeds up the processing time and significantly reduces the risk of errors. Furthermore, with the help of the Expert-in-the-loop model (EITL), the AI-driven process will only look to bring in humans when the situation requires it. This will allow the AI model to gradually learn and improve, which then reduces the frequency of human intervention.