Focus Solutions reports £10m bank contract win

Source: Focus Solutions

Focus Solutions Group (AIM:FSG), a leading provider of multi-channel distribution software to the global financial services industry, is pleased to announce that it has won a new contract with a major global bank ("the Bank").

The contract is worth approximately £10 million, comprising £6.5 million in licence fees, approximately £2.5 million in implementation services and a further £1 million per annum in support and maintenance.

In addition, Focus Solutions anticipates that the contract will be worth up to an additional £10 million over the following five years from annual support and maintenance fees, transaction fees, and additional implementation services.

The Bank has selected focus:360° multi-channel distribution to provide a single platform to support every customer engagement for financial advice made through the Bank's branches, call centres and on the internet. The solution will support over 1,000 advisers and administrators, as well as providing a 'direct to consumer' channel for 5 million account holders.

focus:360° will also support a series of advised, non-advised and execution only processes to enable the Bank to meet the regulatory requirements of the Financial Services Authority's Retail Distribution Review (RDR).

Through focus:360° the Bank is expecting to improve customer service by enabling a seamless interaction across all its advised and direct channels as well as providing an online portal through which its customers can purchase products online. In addition by implementing a single platform, the Bank is aiming to gain a single view of the customer, enabling it to understand the overall value and risk of that individual.

focus:360° will cover all of the Bank's entire product range including investments, insurance and protection as well as integrating into its business partners' investment platforms.

Richard Stevenson, CEO of Focus Solutions, said: "Following our recent contract extension with HSBC, we are delighted to be working with yet another major global bank to help realise their vision of a truly customer centric, multi-channel distribution solution. It is exxcellent to see one of the world's leading banks embracing the latest developments in product distribution by implementing a direct-to-consumer channel and it is a testament to Focus' research, vision and investment that we have been selected to deliver this, in addition to such a large and strategically important project."

Alastair Taylor, Chairman of Focus Solutions commented: "As well as being transformational in terms of value, this is the largest contract win for focus:360° to date and is another important step in the re-positioning of Focus Solutions as a product company; deriving a significant proportion of our revenues from high margin license fees and thus underpinning improved profitability in the business. It is further demonstration that focus:360° has become the strategic, multi-channel distribution platform of choice for leading financial services organisations."

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