Co-operative Bank and TietoEnator reinforce relationship with 5-year managed service mortgage solution

26 April 2007

Hosted system provides 24/7 support and transparent pricing structure

In a strategic move to consolidate its IT supplier base, the Co-operative Bank has contracted with TietoEnator for the provision of a 5-year managed service contract. The bank will continue to use TietoEnator’s systems for mortgage administration and debt collection and under the terms of this new agreement, TietoEnator will provide 24 hour software and hardware support for both systems. The contract will also include the implementation of TietoEnator’s Mortgage Sales Portal and Clearview, with the project due for completion by the end of 2007.

TietoEnator has provided Co-operative Bank with a managed service for software support since the bank re-entered the UK mortgage market six years ago, and the bank has recently made the decision to also outsource the support of its hardware infrastructure.

“We renewed and extended our contract with TietoEnator following the recommendations of Forrester who assisted us in scoping out the project and researching the marketplace,” explained David Dunlop, Head of Mortgage Operations at Co-operative Bank. “TietoEnator has been a trusted supplier for a number of years and we look forward to moving ahead with an enhanced maintenance contract and additional solutions.”

The bank expects to see a number of benefits once the new infrastructure and solutions are in place.

“Visibility to IT costs over the next 5 years, TietoEnator’s transparent pricing structure, strict service level agreements and 24 hour support are compelling reasons for selecting this managed service model,” explained David Dunlop. “Working with a recognised industry leader like TietoEnator also means that we become part of a large customer base where products are defined with the valuable input of other users, and development costs are shared.”

Data security was also a significant consideration for the bank with the proposed infrastructure changes and a move from in-house servers to TietoEnator servers. A comprehensive security audit was conducted by the bank and the new infrastructure will include encrypted routers, firewalls and a dedicated secure line for Co-operative Bank data.

The introduction of TietoEnator’s Mortgage Sales Portal will follow the completion of the infrastructure stage, and will enable the bank to offer its customers an online service for requesting and managing mortgage applications. The system will allow the bank’s customers and field sales force to request online mortgage illustrations and will enable online tracking of all mortgage applications.

“Customers are rightly demanding more and more online services, so we’re delighted to be able to offer a complete online mortgage service to both new borrowers and intermediaries”, explained David Dunlop. “Time to mortgage offer is a key differentiator for lenders and we believe that a seamless, fully automated system will enable us to offer a faster and more efficient service to our customers.”

The final phase of the project will be the implementation of Clearview, a user-friendly desktop environment for TietoEnator’s mortgage processing system. Users are presented with a single view of the customer, enhanced workflow capabilities and improved business information

Commenting on the contract Richard Gammon, Managing Director, TietoEnator Banking & Insurance UK said, “We’re delighted to extend our relationship with the Co-operative Bank. The TietoEnator managed service model is becoming increasingly attractive to organisations looking to take advantage of our wide range of business solutions delivered with fixed costs, guaranteed service levels and 24/7 support.”

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