CFS overhauls its core systems and website FAQs

The existing core banking technology infrastructure at Co-operative Financial Services, while fit for purpose at the moment, is considered unsuitable for the future, so the legacy replacement programme undertaken with Infosys’ Finacle systems, covering its core banking and CRM offerings, was launched to cater for future growth and developments, while maintaining a strong customer focus.

David Anderson, chief executive at CFS, said: “The Enterprise Platform programme is a strategic initiative for CFS and deploying the right technology is critical to creating a client-centric business based on our core principles of value, fairness and social responsibility.”

The rigorous selection process focused on acquiring a new generation platform to support the group’s crucial objectives of product innovation and client-centricity, standardisation of platforms and processes, and scalability for future growth.

Clive Elliott, the director of the Enterprise Platform programme at CFS, commented: “We selected Finacle from Infosys as our strategic partner in this transformation journey for the strong technical architecture and functionality of its solution, extensive domain knowledge of the team and Infosys’ global experience of working with leading financial institutions.”

John Hughes, director of retail banking, and business sponsor of the Enterprise Platform programme, said: “Once the new platform is implemented CFS will be able to create a differentiated customer experience through innovative products, a unified customer view and seamless integration across channels. Finacle will also enable CFS to acquire and retain customers, achieve sustainable scale, and lower operational costs.”

• CFS is also seeking to improve the customer experience on its website (www.co-operativebank.co.uk) with the launch of an interactive web self-service solution. Powered by Transversal, customers can get fast, accurate answers to queries across the Co-operative estate. The service has already proved popular with customers, with 40,000 already using the new online function.

The Co-op launched the system to improve its service levels and automation. The Transversal system enables customers to find answers to specific questions as well as navigating them to the correct webpage that contains further details. Undoubtedly, customers appreciate having answers to questions at their fingertips, but it also benefits the contact centre staff who have time to deal with more complex queries.

As Sean Barton, e-business manager at CFS, explains: "Ensuring high levels of customer satisfaction is the key USP of the Co-op, consequently we are continually looking at ways we can enhance our customer service. Following extensive research into web self-service, we knew it had scope to improve the customer experience. We chose Transversal due to its rich natural language technology and strong track record.”

Co-operative Financial Services knowledgebase currently contains 500 frequently asked questions and is growing as customer take-up increases. Additionally, by deploying Transversal's Sales Engine, CFS is able to serve up relevant, tailored advertising and special offers in line with questions asked. This is leading to greater customer engagement and sales conversions that can be tracked back to their initial query.