Banks, Insurance companies and financial service providers are constantly facing challenges with respect to irregularities in financial master data, manual workflows in a heterogeneous system landscape, data standards and policies, meeting complex regulation standards, transparency in audit trails and managing time-independent data provisioning.

Due to these issues, apart from operational efficiency getting affected, a gap will arise in the inputs needed for financial statements. That, in turn will have an adverse effect on evaluations and subsequent manual adjustments. Hence, it is imperative for the BFSI sector to improve operational efficiency, compliance norms, planning and analysis using SAP banking solutions.