Case Studies Account switching made easy with MATS®

Edit This Case Study Record

	Account switching made easy with MATS®

Account switching made easy with MATS®

Technology Category	Functional Applications - Enterprise Resource Planning Systems (ERP) Functional Applications - Remote Monitoring & Control Systems
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Services	Software Design & Engineering Services System Integration
Challenge	Overcoming people’s reluctance to switch bank accounts was important to Nationwide’s growth plan. Their account switch guarantee promised £100 compensation if they hadn’t contacted all of a new customer’s direct debit companies within 10 days. Also, in the event of any transfer errors, they would cover all related Nationwide overdraft charges and interest for up to three months. The challenge for Nationwide, was to ensure their Account Switch process was so slick and error proof, that they’d always meet these service level guarantees, and not have to pay such compensation. Happy customers and cost effectiveness would be one and the same thing. Read More
About Customer	Nationwide is a major financial institution in the United Kingdom, known for its comprehensive range of banking and financial services. As one of the largest building societies in the world, Nationwide has a significant customer base and a strong reputation for customer service. The organization is committed to providing seamless and efficient banking experiences, which includes facilitating easy and reliable account switching for its customers. Nationwide's growth strategy involves not only attracting new customers but also ensuring that existing customers are satisfied with their services. This commitment to customer satisfaction is evident in their account switch guarantee, which promises compensation and coverage for any errors during the account switching process. Read More
Solution	After many highly successful MATS platform deployments throughout Nationwide - across Mortgages, ISAs, Bereavements, Complaints and more - the Account Switching unit approached MATS to apply a similar approach for their process. Working with the Account Switching unit, MATS mapped out an improved current account switching process and, within only a few weeks, deployed a solution built on the MATS platform. With the new capability, Nationwide was able to track and monitor customer transfer applications based on service level agreements, provide automated customer updates at key stages via SMS text message, and ensure critical diarized actions were logged and scheduled at the right time. This solution ensured that proactive checks could be carried out in good time and provided management with real-time reporting showing the status of the pipeline. Read More Log in to view content
Contents

Technology Category

Functional Applications - Enterprise Resource Planning Systems (ERP)

Functional Applications - Remote Monitoring & Control Systems

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Services

Software Design & Engineering Services

System Integration

Challenge

Overcoming people’s reluctance to switch bank accounts was important to Nationwide’s growth plan. Their account switch guarantee promised £100 compensation if they hadn’t contacted all of a new customer’s direct debit companies within 10 days. Also, in the event of any transfer errors, they would cover all related Nationwide overdraft charges and interest for up to three months. The challenge for Nationwide, was to ensure their Account Switch process was so slick and error proof, that they’d always meet these service level guarantees, and not have to pay such compensation. Happy customers and cost effectiveness would be one and the same thing.

About Customer

Nationwide is a major financial institution in the United Kingdom, known for its comprehensive range of banking and financial services. As one of the largest building societies in the world, Nationwide has a significant customer base and a strong reputation for customer service. The organization is committed to providing seamless and efficient banking experiences, which includes facilitating easy and reliable account switching for its customers. Nationwide's growth strategy involves not only attracting new customers but also ensuring that existing customers are satisfied with their services. This commitment to customer satisfaction is evident in their account switch guarantee, which promises compensation and coverage for any errors during the account switching process.

Solution

After many highly successful MATS platform deployments throughout Nationwide - across Mortgages, ISAs, Bereavements, Complaints and more - the Account Switching unit approached MATS to apply a similar approach for their process. Working with the Account Switching unit, MATS mapped out an improved current account switching process and, within only a few weeks, deployed a solution built on the MATS platform. With the new capability, Nationwide was able to track and monitor customer transfer applications based on service level agreements, provide automated customer updates at key stages via SMS text message, and ensure critical diarized actions were logged and scheduled at the right time. This solution ensured that proactive checks could be carried out in good time and provided management with real-time reporting showing the status of the pipeline.

Impact #1	Nationwide derived a number of benefits from the MATS solution:
Impact #2	Manage SLAs
Impact #3	Provide a guaranteed service

Impact #1

Nationwide derived a number of benefits from the MATS solution:

Impact #2

Manage SLAs

Impact #3

Provide a guaranteed service

Benefit #1	Reported 79% increase in account switches in 2013

Benefit #1

Reported 79% increase in account switches in 2013

Download PDF Version

Overview

Account switching made easy with MATS®

Operational Impact

Quantitative Benefit