Duco sees acceleration of cloud-based data solutions as no-code enterprise software becomes the norm
London, 15 February 2021 – Duco, the global provider of self-service data integrity and reconciliation solutions, today announced that 2020 saw the company increase its customer base by 30% and that it now processes 1 billion data items every 2.5 days. This, the company says, shows that financial sector firms are placing greater emphasis on the need for flexible, quick-to-deploy enterprise tools to meet the challenges of the future.
This adoption is across the financial services sector, including insurance companies as well as banks and investment firms. The last calendar year has seen many existing customers migrating their processes away from on-premise legacy systems to cloud-based self-service solutions, accelerated by the Covid-19 global pandemic and the shift toward remote models of working.
2020 showed that firms need to be prepared for the unexpected. The FIA reported that global futures and options market volume surged 35.6% compared to 2019, hitting a record 46.77 billion contracts. Monthly data from the Nasdaq shows that equity derivatives trading volume remained above 200 million contracts in H2 last year, significantly higher than in 2019. Recent earnings reports have revealed surging trading revenue for some of the biggest US investment banks.
This has placed increasing pressure on middle and back office functions, from operations and finance to IT and risk. Firms want to react faster and have the flexibility to adapt to future challenges.
Christian Nentwich, CEO of Duco, said: “No CIO wants to sign off on a project that has an implementation period of over 12 months before deriving any value. The heightened focus on operational resilience, as proven necessary by Covid-19, means firms are rightfully demanding greater agility and more control from their tools.”
According to Gartner’s 2021 CIO Agenda survey, 76% of CIOs reported increased demand for new digital products or services during the Covid-19 pandemic, with 83% expecting to see a further increase during 2021.
Leaders are increasingly recognising the role of the cloud in providing greater agility, and of the potential for no-code solutions to empower their staff to achieve more.
Christian Nentwich added: “From meeting regulatory deadlines to implementing new data best practices, 2020 saw customers harnessing Duco to increase operational agility while delivering enormous cost savings. Customers processed 59 billion lines of data, saving thousands of people hours of work. We expect to see these numbers increase significantly in 2021 as we make major additions to our product offering and look to bring our agile data integrity solutions to new markets.”