Britannia Building Society has completed a three-year £60m project to replace its main IT systems.
Britannia estimates that it will save £137m through increased revenues and savings through the projects. It has involved 40 projects and the introduction of 12 new systems, including customer relationship management, imaging and workflow.
Sixty five million transactions and 2.5 million investment accounts have been transferred into a banking system, called Summit, from AttentiV Systems (formerly known as Lynx Financial Systems).
Britannia programme manager, Mark Gater, said, the AttentiV Systems software had already helped to boost mortgage sales.
"We’ve already realised a number of benefits since the programme’s inception in 2001. The extensive product capabilities of the Summit system have allowed us to offer daily interest calculation across all Britannia’s mortgage products, and we have been able to introduce flexible mortgages which now account for 20% of our mortgage business.
Gater said that increased profit from improved mortgage sales has been around £2.2m.
Britannia has also replaced its data archiving system with a Linux-based system. The archiving system, which holds customers' mortgage and savings account details, uses an Oracle 9i database running on Intel-based servers using a Linux operating system.