International Finance
Economy

How Mats Helped A Building Society Create Award-Winning Customer Experience

Peter Dockerill, Lending and Savings Manager at The Cambridge Building Society. 11th November 2013 Customer experience has never been more important. For financial services firms facing intense market competition, regulatory scrutiny and a public with the means of sharing opinions widely on social and digital media, there’s a narrow divide between making and breaking a brand. Applying a coat of paint to make superficial changes...

Peter Dockerill, Lending and Savings Manager at The Cambridge Building Society.

11th November 2013

Customer experience has never been more important. For financial services firms facing intense market competition, regulatory scrutiny and a public with the means of sharing opinions widely on social and digital media, there’s a narrow divide between making and breaking a brand.

Applying a coat of paint to make superficial changes is no longer sufficient for consumers seeking consistent authenticity and engagement across multiple touchpoints.

However, intelligent business process management technology helps align internal workflow with customer experience, dovetailing disparate processes into a cohesive whole that delivers improved business outcomes quickly, measurably and cost-effectively.

PROBLEM

Targeting growth, the Cambridge Building Society underwent a number of significant changes including a strategic review and corporate rebrand, the creation of a new sales team and the launch of an online broker portal enabling intermediaries to upload mortgage applications via the web.

The combined effect was an increase in volumes which put significant pressures on the processing and operations department. At that time, case management procedures and management information were manually logged, while communication was largely reactive to incoming calls. Negative feedback from mortgage brokers and applicants alerted the society to a need for action.

THE SOLUTION

MatsSoft was selected for its ability to quickly introduce a flexible application tracking system. This allowed staff to log cases on a single and consistent platform, helping guide the approval process, with immediate visibility and actionable alerts. The same MATS® system improved the flow of information by allowing managers to generate bespoke, real-time reports on various aspects of the case handling process, while also generating automated key-stage updates to brokers and customers via SMS, email and personalised web pages to keep them better informed of progress.

Because the system was configured uniquely to the needs of The Cambridge, the deployment was swift and seamless. However, acknowledging that staff buy-in would be crucial to successful implementation, managers organised training for team members.

BENEFITS

  •  Improved customer experience
  •  Reduced cost
  •  Increased operational efficiency
  •  Improved user empowerment and control
  •  Access to management information
  •  Greater staff engagement

RESULTS

Following the introduction of MATS®, beneficial outcomes became apparent very quickly.

Feedback from brokers and customers was positive since they felt better informed.

Managers are able to access information about case loads and productivity in real time, while employees are more engaged with the process because they have the tools at their fingertips to empower progress and improve service delivery.

In the months since the deployment, The Cambridge Building Society has won major industry accolades, including ‘Best Mortgage Service Provider’ at the Moneyfacts awards.

Additionally, The Cambridge recently conducted a survey of brokers, with some 75% reporting that they found MATS-driven progress updates useful or very useful. Almost half said they no longer needed to contact The Cambridge for information because it had been provided proactively, while 59% described themselves as ‘very likely’ or ‘extremely likely’ to recommend the society to others.

Source: MatsSoft

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