Nottingham Building Society boosts efficiency with data analytics

The financial services firm has improved productivity and customer service levels after rolling out a business intelligence suite as part of a £10m IT revamp.

The financial services firm has improved productivity and customer service levels after rolling out a business intelligence suite as part of a £10m IT revamp.

Over the past two years Nottingham Building Society carried out a technology-enabled business transformation that sought to replace 'every bit of hardware and software', now about to conclude.

The rollout of IBM business analytics software was part of the process, which saw the replacement of about six different reporting systems to gain a 'single version of the truth'.

The system - which represents about 4% of the total IT transformation spend - enables the analysis of financial, transactional, and operational statistics, as well as customer data on £500m worth of mortgage applications processed annually.

"When we were thinking of the future reporting set-up, we knew there would be a lot of demand. But since I have used business intelligence tools in previous roles, I knew the benefits it could bring," said the society's head of IT, Jack Cutts.

"Previously, reporting was manual and spreadsheet-based. Information was shared by compiling a report, printing it out and distributing it by post. Version control was also a problem and there was no real-time accuracy in the reports being generated," said Cutts.

"I didn't want to be tied down spending IT time creating new reports. The new system means we are a lot more flexible and can spend more time on actually analysing the data," he added.

Apart from the operational efficiencies and improvement in customer service resulting from reduced delays enabled by the system, the building society said the analytics platform also contributes significantly to a reduction to its carbon footprint, given the reduction in the amount of paper used.

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