Financial spreading refers to the collection of data from financial statements for various analyses. It is increasingly becoming a significant challenge for many banks, as their spreading functions are largely manual. In today’s fast-paced banking environment, manual data extraction is major impediment, as it is time-consuming and error-prone.
Banks and financial institutions are facing an uphill task of efficiently managing their ever-growing bundles of financial data in multiple and complex formats. In most banks, underwriters, investment bankers, and research analysts regularly update their financial models with the latest financials either manually or with little automation. In such scenarios, an inefficient data extraction process is a critical source of operational inefficiency and there is a dire need to address this issue.
Automating the process of financial spreading can significantly improve process efficiency, accuracy, and cost savings. It allows analysts to undertake a timely review of credits, reduce the time taken to update a model, and decrease the time to publish earnings reviews.
As the benefits of automation can be enormous, several financial institutions are trying to find an automation platform that suits their needs. In this article, we will talk about our patented spreading platform, Spreadsmart. This platform is powered by our mind+machineTM approach, which improves productivity gains without compromising on quality. Our unique approach offers significantly higher benefits from those products that purely rely on the machine-only approach.
Click the following link to read the full paper: Spreadsmart-New-Age-Financial Spreading-Automation-Platform