Managing an existing savings portfolio

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The pandemic has had a significant impact on the savings market. Existing providers and new entrants are taking stock of the changes in the market and considering their strategy and approach going forward. We can help firms transform their savings business by improving their digital capability and reducing risk and costs.

Here is what we did to help a Global US-based credit card provider with a presence in the UK retail savings market, who had a savings book of in excess of £1bn and who were seeking a new outsourcing partner to improve their existing savings proposition.

Challenges for legacy back books

At the time, the firm was faced with a number of significant challenges in the management of their existing savings book. With increasingly demanding regulatory requirements, the provider was concerned about their historic, incomplete customer data which was hindering regulatory reporting. Alongside this, they could see that UK retail banking trends and customer needs were changing drastically and they felt their customer experience was falling behind. To overcome this, they were seeking a new provider that was actively investing in its systems and could deliver enhanced functionality and service features.

Managing an existing savings portfolio

We offer a fully managed savings solution for the inward migration of an existing savings portfolio. When working with this provider, we combined our in depth knowledge of managing savings accounts, advanced platform and outstanding customer service to deliver an end-to-end solution. We were able to launch the new client on our systems successfully, providing a seamless on-boarding experience.

50,000 accounts migrated
Extensive data cleanse
Advancement to omni-channel

Customers received continuity of service with no reported down-time. We launched a communications campaign to keep customers informed about their improved service enhancements throughout the handover.

The firm was successful in selling the savings book to a major UK building society. Due to the strength of the proposition, the new firm wanted to continue the partnership with Newcastle Strategic Solutions. We were fundamental in facilitating the transfer of data to the new provider, delivering consistent customer services throughout the acquisition. We were heavily involved in the full rebrand of the customer facing communications, from the website to customer literature, all of which was managed by Newcastle Strategic Solutions.

A flexible solution that evolves over time

We understand the complexities of various business models and can easily accommodate outward migrations, to let the client take back the management of the portfolio at a later date. Later, when the firm was in a position to reduce the balances to a size where the book was manageable in house, we facilitated a migration of all remaining customer accounts and balances back to the client.

We were able to manage the complex requirements of this book throughout the various stages of its lifecycle, ensuring that service was maintained throughout and customers were protected at all points when dealing with different organisations.

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