Firm replaces reconciliation tool that required extensive developer support in favour of self-service, no-code platform.
1 September, 2022, London – Duco, a leading cloud-based data automation company, today announced that Momentum Metropolitan, a South African financial services group, have reduced reliance on manual work, demised a legacy solution and empowered end-users to handle day-to-day reconciliation tasks thanks to Duco’s intuitive and agile cloud-based data automation platform.
Momentum Metropolitan went live with the Duco Platform in July 2022 as part of a wider data automation strategy. The first phase involved decommissioning their pre-existing tool for cash and custody position reconciliations in preparation for the second phase: consolidating these with other processes from other areas of the business onto a single solution. As well as making significant progress towards this goal, the firm has also eliminated many of their manual processes and automated large portions of their data management. Duco’s Professional Services team mapped and built the necessary reconciliations with minimal requirements, ensuring Momentum Metropolitan’s processes were optimised in line with best practice to improve operational efficiency. This means users are free to focus on day-to-day reconciliation tasks.
Before Duco, Momentum Metropolitan had numerous issues with their reconciliations; end-users in the firm’s Balance Sheet Management team required constant developer support to configure the complicated processes involved in loading new clients, mapping files and setting up rules.
Duco’s no-code, self-service platform means that business users are now in control of the firm’s data, ending the reliance on developers and making reconciliation much easier. The platform’s intuitive user interface has greatly improved transparency over processes, and actions that formerly required IT to write scripts, such as marking a run as failed if the wrong files are submitted, are now simple for end-users to perform themselves.
Stephen Jones, Head of IT at Momentum Metropolitan, said: “Thanks to Duco we’ve been able to decommission a complex reconciliation tool and cut our reliance on manual work. The Duco Platform is so user-friendly that our teams can manage data processes without intensive support from IT, giving them more autonomy and freeing up our developers to focus on more important tasks. On top of this, our reconciliations are now more centralised and we’ve significantly increased the transparency of our processes.”
Christian Nentwich, CEO of Duco, said: “Giving power over data to end-users is vital to ensure financial firms continue to manage their growing volumes of mission-critical data. It’s great to see not only the efficiency gains that Momentum Metropolitan are enjoying, but also the value added by Duco’s Professional Services team in helping our customers achieve best practice when managing their data. The benefits of this will be felt across the business, as teams are more agile and are able to focus on priority tasks of strategic value.”
About Momentum Metropolitan
Momentum Metropolitan Holdings Limited (Momentum Metropolitan) is a South African based financial services group listed on the Johannesburg and Namibian Stock Exchange. With a market capitalization of R29.2 billion and an embedded value of R41.3 billion as at 30 June 2021, Momentum Metropolitan remains one of South Africa’s larger life insurers and integrated financial services company.