Co-operative Financial Services boosts profits with EG Solutions

Co-operative Financial Services(CFS) has raised profitability by streamlining customer contact processes through software and consultancy fromEG Solutions.

The financial services company employed EG Solutions to help it plan customer correspondence. The result has been a 35% reduction in costs.

CFS is one of the UK's major financial services organisations and comprises the Co-operative Bank, Co-operative Insurance Society and Smile.co.uk.

The challenge the CFS faced was that its customers like to correspond with the bank in a number of ways. Some like automated banking, some prefer to speak to a person on the phone, and others will only trust a face-to-face meeting in the bank. Linda Edwards, acting head of banking services at CFS, said many people still prefer written correspondence when starting a relationship with a bank.

"There are more lines of communication now, which is good. But it can create an overhead if you are not careful," said Edwards. "But by rationalising the way we work with all the requests we get, and creating efficient information flows, we have saved massive amounts of time and money."

The financial services company implemented EG Solutions' operational intelligence software suite to enable the bank to carry out activities including forcasting workloads, allocating resources and montoring performance.