Leading financial institutions are seeing a reduction in exception rates and their associated costs, according to a new survey from SunGard eProcess. The survey of 500 top institutions suggests that the estimated cost of exceptions has fallen almost 30 per cent since 2002. Respondents agreed that exceptions now consume 18 per cent of profits, a significant drop from the 25 per cent claimed last year, according to SunGard. Respondents also saw continued potential for reduced exception rates through automation, with 69 per cent predicting a further decline in exceptions over the next two years. Respondents said that more exceptions are occurring pre-settlement (55 per cent) than post-settlement (45 per cent), highlighting the need to detect exceptions early in the transaction lifecycle. ‘This year’s survey findings clearly show progress towards improved exception management,’ said SunGard. ‘The cost of exceptions is being brought under control amongst an increasing number of financial institutions, with the pace of cost and risk reduction expected to continue for the next few years.’
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