With the spread of the Internet, lending industry players are able to reach out to borrowers more directly. This has increased in the rise of macro as well as micro lending. A lot of regionalized p2p lending marketplaces have sprung up which facilitate interaction between lenders and borrowers while also shoring certain risk elements.
Reconciling transactions is a critical process in the lending industry, involving matching cash book entries with bank statements and loan origination systems. And if a marketplace is also involved, then the task becomes at least a 4-party reconciliation. However, these reconciliations often face challenges like data in inconsistent/disparate formats, incomplete and manual processes, and a lack of governance. The challenges get further compounded with high transaction volumes and ever evolving regulatory frameworks. To overcome these obstacles, lending institutions and marketplaces are moving aways from manual approaches by accepting automated solutions.
Kosh.ai is a platform that holistically automates the reconciliation processes for lending institutions and marketplaces. The Kosh platform automatically fetches data from any sources and reconciles the data in real time by automating the intermediary steps. The platform ensures that each and every transaction is reconciled. As a result, the platform helps in tracking, monitoring and reporting, thus significantly reducing the challenges around auditing. The platform has an in-built analytics engine which helps not only finance operations teams but also the senior management with detailed reports for each hierarchical level.
By automating every process, Kosh.ai significantly reduces man hours, while improving downstream outcomes. It can cut cycle time by 99% and cost by 65% while ensuring 100% accuracy.
