The challenge
Switching bank accounts, and informing every company that you have a direct debit with, is annoying. Unsurprisingly, customers are reluctant to switch bank accounts. However, this was an important element of Nationwide’s growth plan.
To tempt customers, they had an Account Switch guarantee which promised £100 compensation if Nationwide didn’t successfully contact all of a new customer’s direct debit companies within 10 days. If there were any transfer errors, they would also cover the related overdraft charges and interest for up to three months. The challenge was ensuring their Account Switch process was slick and error proof.
Increasing account switches
The Account Switching unit turned to Liberty Create, our low-code platform, as Nationwide had used it to deploy many highly successful systems.
“We received excellent support from the Netcall team, whose agile approach to development has allowed us to deploy these changes swiftly.”
Head of Current Accounts, Nationwide
The solution
Nationwide must successfully contact the companies for each of the customer’s direct debits, within 10 days of the account switch. If they met these service level guarantees, they didn’t have to pay any compensation.
Happy customers and cost effectiveness are one and the same thing. And to meet this SLA, their Account Switch process needed to be slick and error proof.
An improved process was mapped out and a Liberty Create solution built and deployed in just a few weeks. It tracks and monitors customer transfer applications based on SLAs and provides automated customer updates at key stages via text message.
Ensures critical diarised actions are logged and carries out proactive checks which are scheduled at the right time.
The result
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A 79% increase in account switches was reported
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It tracks and monitors customer transfer applications to meet the agreed SLAs and avoid compensation fees
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Automated customer updates via text message
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Provides management with real-time reporting on pipeline status
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Workflow and workload balancing across the customer service team
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Customers are on-boarded more cost-effectively
Hear it for yourself
Digital transformation in financial services
Nationwide has deployed many highly successful systems using Liberty Create, including Social media monitoring, Banking alerts, Mortgages, ISAs, Bereavements and Complaints.