Knab, the most recent online and mobile-centric bank recently launched in the Netherlands and backed by insurance giant AEGON, has gone live with ReconArt reconciliation solution.
As the nascent bank that was to become Knab was building its operations infrastructure it recognised the need to put in place secure foundations to ensure the smooth running of all its operations. Central to this was deployment of reconciliation technology to guarantee the accuracy of its clients’ transactions and balances by matching data from multiple internal and external sources on a timely basis. Knab looked for a solution that would meet its needs on day one and scale in the future as its client base and footprint expands.
After a detailed evaluation of multiple vendor solutions Knab chose ReconArt as its partner. Ease of deployment without compromising functionality or future scalability, coupled with proven gateways to standard data sources, plus low total cost of ownership and high return on investment, were key considerations.
“Easy implementation, easy to work with, automates the tedious jobs and frees up valuable time to focus on sorting out differences – just the right tool to be in control,” said Marco van Bakel, Knab’s controller.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.