Lynx is supplying the Bank with Summit modules to handle full mortgage application processing and post-completion administration, running under Lynx’s Synergy outsourcing programme. The Synergy managed service approach enables the Bank to accurately predict costs for the project and to concentrate on business rather than IT activities, with guaranteed performance and service levels.
Co-operative Bank has chosen a phased Summit implementation, the first business areas covering staff lending and personal loans have been operational since early September 2000, with a launch to the public on 25th September 2000. Call
centre agents at the Co-operative Bank’s operation in Stockport access the
system through a secure wide area network.
The Co-operative Bank’s green, low-cost, flexible mortgage is designed to
save house buyers money on their repayments, on their expenses associated with setting up the loan and on their on-going energy costs. In addition, customers will have the satisfaction of supporting activity designed to reduce their contribution to global warming, whilst conserving endangered species in Africa.
David Conway, Marketing Director at Co-operative Bank said, Our philosophy is to outsource wherever possible and the Lynx Summit package and Synergy managed service is the ideal fit for our strategic IT needs.
Co-operative Bank has a reputation for leading the way in innovation. Its e-banking operation, smile, was the first Internet-only bank. David Webber, Managing Director of Lynx Financial Systems, says it is particularly rewarding to be involved in the Bank’s activities at this time. The Co-op’s re-entry into mortgage lending is a major strategic move and we are delighted to have been selected to supply Lynx systems and services at the core of such a high profile project.
David Webber added, The Synergy managed service solution is a serious alternative to in-house operations and offers financial product providers a fast route-to-market with controlled costs and potential for future expansion. Over the last year we have made a substantial investment in infrastructure and personnel to enable us to deliver our proven Lynx solutions in a flexible managed service environment.
Lynx mortgage and savings systems are used by two thirds of UK building societies and several banks, supported by Lynx teams in Sheffield, Dunstable and Leeds.
