IBM (NYSE: IBM) today announced that Nottingham Building Society, one of the largest regional building societies providing financial services in the UK, has improved customer service and efficiencies through reduced paper waste with the help of IBM business analytics.
IBM business analytics software is used by the Society to analyse financial, transactional, and operational statistics, as well as customer data on mortgage applications for the marketing team. The software generates reports on the primary mortgage application system, which processes an average of pounds Sterling 500 million of applications per year.
Since implementing the IBM business analytics solution, the building society has been able to streamline the mortgage applications process by pinpointing potential bottlenecks and eliminating delays. Akin with many other organisations, the Society is also always seeking to cut its carbon footprint and it has been estimated that over 14,000 trees a year could be saved by reducing the amount of paper waste an organisation such as The Nottingham creates.
"We continually seek to reduce the amount of paper used," said Jack Cutts, Head of IT at Nottingham Building Society. "Previously, reporting was manual and spreadsheet based. Information was shared by compiling a report, printing it out and distributing it by post. Version control was also a problem and there was no real time accuracy in the reports being generated. As reports were previously printed there was also an element of waste and this was a significant factor when we considered a new software system."
IBM's software has also increased automation across the whole organisation. Analytic dashboard views which show a snapshot of all management and operational reporting statistics have resulted in significant time savings. This has allowed C-level executives to focus less on administrative parts of the job and freed up time to drive further business.
"The new software is more convenient and saves time. It's easier to use and, as any user can access information instantly, it increases the value of the data within the business," said Cutts. "We're now looking to deploy IBM business analytics to additional areas of the company as the value of mining data is prroven and we can see the impact that it could have on other areas of the business."
"Today's announcement is part of IBM's ongoing focus on helping clients use their information as a strategic asset through the optimisation of IBM Business Analytics software," said Steve Dunnigan, Business Analytics Unit Executive, UK & Ireland, IBM. "Nottingham Building Society has also demonstrated how using analytics can help reduce cost and waste, improve efficiency and productivity."