A building society has stated it can release new products in lightning-quick time thanks to a banking software upgrade.
Swansea Building Society got the new version of Sopra Banking’s software up and running quickly after its release to cut product development time from three months down to three days.
End-of-month reports and record updating also takes just an hour and a half, according to the Welsh building society.
It only serves people within 60 miles of its headquarters, but still looks after £200m worth of assets.
And deputy chief executive Neil Rosser claims the latest software will help the organisation keep up to speed with rival high street banks’ new products.
He said: "Using Sopra Banking means we can get new products out very quickly which match anything being offered by the big high-street players.
"While it might take a large building society three months to get a new product to market, we can do it in a week, even three days if it came to it.
"It’s also why we haven’t struggled when the market is tough: we can change our rates very quickly in response to market conditions, minimising our exposure to risk."
The building society is looking to use Sopra software to take advantage of internet banking next.
Senior technical consultant John Connelly said: "I am sure we will go down this route before long, as it’s a natural progression and Sopra has readymade capabilities. The software and the service we get from Sopra Banking is first class."
