ISA processing made easy with MATS®

When the global financial crisis erupted in 2008, there was a huge upsurge in the volume of new ISAs being created as people moved savings in and out of various banks and building societies. This led to poor service, as many processing teams were unable to cope with increased work volumes. A consequent surge in chaser phone calls and customer complaints made the problem even worse for call centers and processing staff. The end result was poor customer experience, bad PR, compensation claims, and even fines and sanctions. This was the backdrop that led Nationwide to overhaul and streamline their ISA processing function. They needed a workflow solution that could streamline the application process and provide real-time management information to enable superior caseload monitoring to ensure SLAs were met. Additionally, it was recognized that improving and automating customer communications could dramatically improve customer experience and reduce inbound chaser phone calls, thereby making the operation more efficient and scalable.

Nationwide is one of the largest financial institutions in the United Kingdom, known for its extensive range of banking and financial services. With a strong focus on customer satisfaction and operational efficiency, Nationwide has been a key player in the financial sector, particularly in the management of Individual Savings Accounts (ISAs). The organization faced significant challenges during the global financial crisis of 2008, which led to a surge in the volume of new ISAs being created. This situation necessitated a comprehensive overhaul of their ISA processing function to handle the increased workload and improve customer service. Nationwide's commitment to innovation and efficiency drove them to seek a robust solution that could streamline their processes and enhance customer experience.