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Account Research / Statement Reconstruction
Account Research / Statement ReconstructionAccount Research / Statement Reconstruction
Account research (a.k.a. statement reconstruction) is an essential service offered by virtually all banks. Using this service, a customer (or an authorized entity) is able to receive copies of historical account statements, or individual transaction details, up to several years old. Larger banks fulfill tens, sometimes even hundreds of thousand account research requests per year. However, fulfilling each such request is not an easy job for a typical bank. Usually account research involves a lot of manual work for two main reasons: (a) the core systems do not maintain the transaction history of sufficient depth, and (b) the information required to reconstruct a statement or a transaction memo is scattered across multiple systems. As a result, most account research requests take several hours and several people to complete, resulting in high turnaround times, high error rates and high costs to the client. Online banking is not a viable solution either, as most banks only make 3 to 6 month's worth of account history available online - not even enough for the client to prepare taxes at the end of the year.
Avantek's Banking Services Integration (BSI) solution, Avanta Banking Services Hub
, targets the aforementioned issues by consolidating the data from the bank's core systems and data warehouses into a comprehensive, consistent and authoritative database of customers, accounts and transactions, with unlimited depth of transaction history.
The database allows to fully automate the fulfillment of account research requests on the bank side, slashing both their times and costs. Furthermore, the solution allows the bank to offer both "while you wait" account research at the branch, and self-service account research as a service of the online banking site, eliminating the 3-6 month transaction history depth limitation typical for online banking.