Winning in a challenging market

Transcription

1 IRESS Case Study Winning in a challenging market IRESS solutions for enterprise MSO is transforming the way we manage new mortgage applications, enabling us to provide a slicker service for intermediaries and customers through greater speed and efficiency. It is a massive step forward. Terry Kaye, Divisional Director, Customer Operations

2 A true multi-channel mortgage sales and originations platform This is going to be game changing Martin Boyle Divisional Director, Business Transformation, Nationwide Building Society This case study is based on Nationwide s partnership with Avelo who are now owned by IRESS. Fast Facts Challenge For Nationwide to maintain its position as the third largest lender in the UK it needed to invest in transformative technology and find a replacement solution for all its mortgage sales channels and originations. Solution A partnership approach with IRESS to implement the class leading MSO multi-channel platform. Result The MSO implementation has brought all of Nationwide s mortgage channels under one common platform and significantly improved the customer experience. Process automation has reduced the cost of selling a mortgage by up to 40% and new business volumes have increased from 40m per day to 120m per day making Nationwide the UK s third largest lender. Winning in a challenging market Who we worked with: With around 15 million members, Nationwide is the world s largest building society. It is also the second largest savings provider, the third largest provider of mortgages in the UK and a major provider of current accounts, credit cards, ISAs and personal loans. Its strong financial performance and prudent business model has secured Nationwide a place in Global Finance magazine s Top 50 Safest Banks in the World. As part of a 1.2bn transformation programme, all of Nationwide s delivery channels have been going through an enterprise-wide IT rejuvenation in order to achieve a series of ground breaking customer service enhancements. The first project was the transformation of its existing mortgage sales and originations system. In order to maintain its position as the third biggest lender, Nationwide knew it needed to enhance its mortgage processing to drive down costs and improve efficiency. It also needed to become more innovative and forwardthinking to keep up with competitors and emerging new markets. 8,000 intermediaries are now using MSO Nationwide wanted a new mortgage processing platform, initially for intermediary business. One that would focus on service and efficiency, streamline the application process, reduce reliance on price and provide cradle-to-grave automation. A single mortgage platform After a competitive tender, Nationwide selected IRESS and its market-leading MSO platform. The MSO platform would provide Nationwide with a multi-channel solution that would underpin its mortgage distribution strategy and give the company the cost saving benefits, flexibility and efficiency it was looking for. We selected IRESS for its combination of enterprise, domain expertise and platform strategy. The implementation of this mortgage system will deliver significant speed and efficiency benefits to all our customers and intermediaries. Furthermore, it gives us the strategic basis to remain agile and flexible in what are uncertain times in our industry. Matt Carter, Mortgages & Savings, Nationwide Partnership approach The new Mortgage Sales and Originations (MSO) platform was designed and implemented through a close working partnership between Nationwide and IRESS mortgage specialists who were able to tailor the platform to meet Nationwide s exact requirements. MSO has reduced the amount of customer data needing to be entered by around 50%

3 Class-leading technology The MSO platform needed to complement Nationwide s existing infrastructure and services. A key aspect of the project was the integration of various differing systems in order to produce one simple solution for end users. Using their experience of integrating new technology into less flexible legacy environments, the IRESS team was able to create a seamless multi-channel solution that delivered significant benefits. A single technology platform, service-orientated, modular and customisable Optimised channel-specific conversational user journeys Genuine channel switching (e.g. from Consumer to Branch) Fully integrated insurance and protection cross sales As a result of the new mortgage platform, the cost of originating a new mortgage has fallen by 35 40% Clear and simple applications with intelligent questioning and no repeat data capture Paperless self-service proposition Maximum straight-throughprocessing capability, but with the ability to deal with exceptions manually Fully automated functionality including third party integrations, Automated Valuation Models and instant offer at point of sale Fully automated real time case tracking, plus /sms alerts for key milestones and case chase ups for outstanding requirements Task-orientated workflow and real time management Positive results IRESS MSO platform now services Nationwide s entire intermediary mortgage business, direct through the NFI Online brand and indirectly via the Mortgage Trading Exchange (MTE). As well as enabling Nationwide to provide a first class intermediary experience, it has also delivered some immediate, tangible benefits: Customers have seen time to offer reduced by over 36% Real time case tracking and scan and attach has made the entire process quicker and more compliant Intermediaries say they feel in control and that the user journey is enhanced MTE is really easy to use. It is a lot more intuitive than the previous version and the system responds a lot quicker. The system was still tracking when the offer popped up on the screen I was over the moon! The customer left my office with an offer now that s what I call service! Full physical valuation and offer all in two days, now that is setting the pace. Scan and Attach amazing innovation. Valuation booked before the applicant left the office - WOW! Nationwide is also realising the benefits: Real time management is making service levels easier to maintain Easier to monitor processing teams are ensuring efficiency and productivity Originations is delivering real process efficiencies Business volume has increased Reduced processing resource The customer left my office with an offer now that s what I call service! MSO will remove 182 current manual processes Call centre and branch benefits The IRESS MSO mortgage platform now encompasses Nationwide s retail branches and customer contact centres across the country, providing an enhanced sales process and channel switching. The platform brings a number of benefits to the direct channels all centred around delivering a great customer experience and they include: Budget-based selling MSO provides a conversational dialogue with mortgage customers with lifestyle questions and budgetbased selling to ensure the products offered fulfil their needs Scan and Attach of customer s original documents direct to their case removes the need for posting of documents and reduces time spent on chasing documents, cuts costs and improves the customer experience Offer turnaround times and timeto-offer have been greatly reduced with the option to produce same day offers for suitable applications Cross-selling of insurance products are fully integrated within the mortgage interview. Customers can be offered appropriate protection products as part of the sales process ensuring all their needs are addressed in a single conversational journey

4 To find out more please call or Direct to consumer benefits Following the successful implementation with its other channels, in August 2013 IRESS and Nationwide announced the launch of the first Direct to Consumer channel on the MSO platform, making MSO the only fully multi-channel system of its kind. With all channels now integrated on the mortgage platform, Nationwide customers will benefit from improved efficiency and speed in the sales process and won t need to spend time re-entering their data as they switch from the online channel to a branch or call centre. Consumers will now be able to research, compare and choose a product, get a quote and pay any fees online, and new Nationwide borrowers will be able to complete an application online. The new direct to consumer capability will also benefit existing customers, enabling them to directly research and switch products, borrow more or port their existing loans when they move home, and confirm any change to their mortgage product. The introduction of MSO will significantly improve the online customer experience and enable us to offer a broader choice of transaction types. Tracie Pearce, Head of Group Mortgages, Nationwide Early awards Since its launch in early 2011, Nationwide s NFI Online channel has won numerous industry awards. In the 2011 and 2012 FT Adviser Online Service Awards, it scooped the maximum Five Stars and in the Q Charterhouse Research for Intermediary Lending Systems, Nationwide achieved one of the highest rankings for online platforms, recording its highest ever score of 93%. Together Nationwide and IRESS MSO have also received industry recognition. In November 2011, IRESS MSO received two awards, the first was for the Frank Eve Annual Benchmark Study of Mortgage Distribution winning the highest 5 Star Accreditation as the leading proprietary system. The second was the Mortgage Finance Gazette 2012 award for Best Use of Technology within the Nationwide implementation. 4,000 users will have access to MSO once they have gone live on the system What s next? Nationwide have a goal to help 750,000 people into a home of their own by They plan to reach that target by supporting four key customer groups; 1. first time buyers 2. people in affordable and social housing 3. landlords and tenants in the rental market 4. the homeless and those at risk of losing their home. MSO will be a key part of the drive to reach that goal. In the post Mortgage Market Review world, Nationwide will utilise the rich functionality and STP automation in MSO to deliver both compliant and enhanced sales processes across all channels to attain and perhaps surpass the 2017 goal. Our transformation programme is delivering, and milestones are being reached. With service an inherent and fundamental part of our DNA, these developments (including those already completed and those planned) are set to transform our entire operation. Tony Prestedge, Chief Operating Officer, Nationwide

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