Intelligent Environments Group Plc (iE) has released financial e-commerce applications which it claims will save UK firms more than 80% of the cost of processing applications for online financial services. Sunbury-on-Thames-based iE’s NetFinance suite comprises applications that allow customers to apply for credit cards, buy and sell unit trusts and receive insurance quotations and policies. Chief executive Roger Willcocks expects to sign up 20 customers for the NT cluster-based system. Willcocks says that contracts will be in the 250,000 pound to 500,000 pound range ($400,000 to $800,000).
Willcocks says that the online financial services market is a ‘green field’ in the UK and claims that iE will have no competitors. Willcocks reckons it costs insurance firms between 40 and 50 pounds ($64 to $80) to process each policy, a figure he says iE will cut to less than 10 pounds ($16). iE will use Oxford-based systems integrator Lynx Group Plc for implementations. iE will release the credit card application on Monday in the US, where half of its business is based. The company is in talks with systems integrators there for potential partnerships.
iE’s business has traditionally been in integrating mainframe with web technology, but it has been trying to push into e-commerce this year, raising 7.4m pounds ($12.1m) funding in June to drive sales and marketing for the new sector (CI No 3,771). Willcocks says that revenue is still balanced close to the 50:50 mark between iE’s traditional strengths and e-commerce revenue, but he expects the online sales to reach 90% in a year’s time.
