In its latest step towards reinventing its operations functions, Societe Generale has partnered with Duco, an enterprise software as a service (SaaS). According to a statement released by Duco today, the French multinational bank will deploy its platform as one of its key primary reconciliation and data control systems across the group.
Duco is a UK-based fintech provider of data control services. The partnership will allow Societe Generale, through Duco’s platform, to automate its key reconciliation processes across all of its business areas. Using Duco’s API, the bank will also provide external reconciliation services to its clients in its capital markets business.
Commenting on the partnership, Estelle Letribot, Global Head of Reconciliation Post Trade in Societe Generale Global Banking and Investor Solutions, said: “innovation and digital transformation are core to Societe Generale’s strategy, both internally and for our clients. By working with Duco, we have an opportunity to reinvent our operations, introducing agility, automation and machine learning in a function that has traditionally proved very expensive and time consuming.”
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According to Cristóbal Conde, an advisor to Duco and the former CEO of SunGard, this is the first time in more than ten years that a financial services firm is using a new reconciliation model in its core, mission-critical function.
Speaking on the deal, Christian Nentwich, the CEO of Duco, added: “the advantages of SaaS and self-service solutions in the reconciliation space are clear and we are glad that Societe Generale shares our vision. With machine learning and cloud-based delivery models now ready for prime time, the industry is rapidly going through a major transformation towards agile services like Duco that mutualise cost and remove unnecessary manual work.”
Societe Generale Attempts to Improve Its Processes
Societe Generale has been making headlines recently for a string of settlements in relation to misconduct accusations, including Libor rigging and international sanction violations. The firm is currently in the process of reinventing its operations functions. This includes providing better insights, enhancing its customer service and improving its data governance.