Coventry Building Society has chosen to upgrade to the latest version of Marlborough Stirling`s Omiga system, a component-based customer management, point-of-sale and application processing system for the financial services industry. The new system will enable it to conduct Straight Through Processing (STP) across its multiple sales channels.
[TA1]The Society, a customer of Marlborough Stirling since 1996, has chosen the latest version of Omiga as its new component-based architecture as it offers the flexibility to build its own mortgage application processing rules into the system. Now it is also adding Omiga`s point-of-sale module, to replace an existing in-house sales management system. This will also give it flexibility, making it possible to design its own user interface.
Presently, application data captured at the point-of-sale has to be manually re-keyed into the application processing system. Once integrated, Omiga will support the sales and application process across each of the Coventry`s multiple sales channels, which include call centres, branches, internet, and eventually IFAs. Each channel will be able to pass data straight through to its existing back office processing system, and eliminate the need to enter data more than once.
Once Omiga has gone live, customers applying for a Coventry mortgage will experience a quicker service. Furthermore, up-to-date information held on customers will be available at whichever point of contact the customer chooses. An existing user of Omiga, the Society already has one of the lowest mortgage administration costs in the UK market. However, using the new version of Omiga it expects to lower those costs further.
Simon Whitwham, project manager at the Coventry, commented: "Coventry has realised reductions in mortgage processing costs since initially choosing Omiga in 1995. However the system is reaching the end of its shelf life and having assessed the market, we feel that Omiga, in its latest form, is still the best system for us. Its component-based architecture gives us the freedom to make our own mark on the system. In today`s financial services market, lenders need flexible systems that can be adapted to suit their businesses."
In future the Coventry hopes to use Omiga to offer an online tracking service that allows customers to monitor the progress of their mortgage application through the system.
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Marlborough Stirling plc (www.marlborough-stirling.com) provides software, services and consultancy to the mortgages, life and pensions and investment market sectors.
Its software and services are designed to enable financial service providers to meet consumers` demand for products that are flexible, capable of being distributed through a variety of channels and processed efficiently.
It employs approximately 900 people and has offices in Cheltenham, Camberley, Brighton, Dublin, Douglas in the Isle of Man, Cape Town in South Africa and Toronto and Vancouver in Canada.
The company floated on the London Stock Exchange in April 2001 and gained entry to the FTSE250 two months later. Ranked as 4th fastest growing IT company in the UK and overall 74th fastest growing company in Europe by research organisation Growthplus, Marlborough Stirling earned revenue of lb50.1m in 2000.
Coventry Building Society
Coventry Building Society was established in 1884 and is the fifth largest building society in the UK. It has assets of over lb6.4 billion and focuses on its core business of residential mortgage lending and savings.
The Society employs approximately 1000 people and has 50 branches. In addition to the branch network, the Coventry has other distribution channels through intermediaries who introduce mortgage business, postal and telephone operations and two internet sites.
[TA1]I do not think this is true!
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