Consolidating systems for huge cost and efficiency gains

Global Investment Bank

"Duco has had a very material benefit. We took out one of the biggest legacy systems in favour of Duco and we're saving €2.5m annually; €1m on software, €1m on hardware and €500,000 on people. Consolidating saved on headcount and licenses and helped with hardware as we used to have more servers."

Duco has empowered one of the biggest European banks to streamline a formerly complex web of legacy technology. Our agile data automation platform has delivered huge efficiency gains, reducing operational risk and providing a significant return on investment.

The bank has seen enormous time savings by replacing legacy systems with our fast, agile solution. Transaction reconciliations that took 9 hours on one of the leading legacy technology systems complete in just 15 minutes on the Duco platform. Processes that used to take 45 minutes on another system run in 3 minutes on Duco.

These huge efficiency gains mean that project cycles at the bank are slashed from three months to just two weeks. It’s therefore not surprising that the volume of data being put through our platform grew thirteen-fold in the space of 36 months.

Duco is the firm’s strategic internal-facing inter-system reconciliation platform. The bank has used our platform to implement a standardised global model and reduce operational risk.

"Duco helped drive standardisation, consolidation and harmonisation efforts in Ops. Doing such a change project within the bank helped process improvement majorly, simplifying what is needed and how it’s built. Many recs on our previous system had been there for years or decades, and needed many improvements."

Speed doesn’t come at the cost of accuracy – in fact auto-match rates have increased 15% in one instance to above 99.99% and across all reconciliations are above 90%. The previous legacy solution was only able to achieve a match rate of between 60-70%.

On top of higher match rates, the bank also delivered much greater control and transparency for end users compared to its legacy platforms. For example, with Duco it is easy to revisit the results of the previous day’s reconciliations.

"Our processes are more audit-proof now thanks to documentation and traceability back to requirements. Duco has a lot of useful audit trail stuff and more benefits come from the traceability. ‘How do I know what I want is complete and accurate?’. Traceability to business requirements, to UAT test results, to going into production - this is what can stand up to audit scrutiny more than what was there previously."

Before Duco, the bank’s staff had to request advanced technical support from the previous vendor to get these results. While the platform is owned by the technology department in order to ensure that the firm has the correct governance and control around their data, due to the ease of use – in particular the no-code functionality – the operations team are able to use the platform themselves on a daily basis.

This agility brings many benefits, such as the ability to rapidly stand up new global branches. The necessary reconciliations can be quickly built and automated. Previously these recs would have needed to be carried out manually.

In total the Duco platform has delivered an annualised return on investment of millions of euros by eliminating several legacy technology solutions and 600 end user-developed applications (EUDAs).

"Duco is one of the best-designed systems out there. It’s improved our employee experience by giving our teams faster and newer software to play with and it’s created a single, efficient system for operations processes. After successfully pivoting to Duco, people are convinced that consolidation is the way to go. You can simplify a lot of landscape with that, and create a lot of savings."