 |
Bank of Ireland Mortgages
Growing the business, not the overhead
How did one of the main UK mortgage providers increase its business by 50%
with no additional resources?
Stewart Wright, Managing Director of
Bank of Ireland Mortgages (BIM), had big plans for the UK mortgage division of the Bank of
Ireland group. The company, which serves the UK mortgage broker community,
needed to provide 'best-in-class' service levels to its brokers, in order
to provide them with a competitive advantage.
Wright needed a pragmatic partner to deliver long-term
sustainable improvements; he chose VISION.
New
approach
VISION carried out extensive interviews with employees and brokers to:
- determine the opportunities for
improving business performance and processes
- establish where the barriers to growth
existed within the organisation.
New processes and procedures were designed, piloted and
implemented. Existing IT systems were enhanced to realign the technology
to the new processes and therefore maximise efficiency. For example, data
input and mortgage assessment processes were redesigned to enable
potential borrowers to obtain an underwritten decision, in principle, within
three hours.
Confidence and responsibility
VISION knew BIM
needed to improve the skills and capacity of its people to speed up the
development of new offers to prospective customers and build new
channels.
To improve the capacity and skill sets of the employees,
especially in the critical area of underwriting, formal 'coaching'
practices were developed and introduced. Their purpose was twofold - to
build skills and competencies and manage the morale and confidence of
staff that worked with the new system and processes.
Employees now feel
confident to take on increasing levels of responsibility and work together
to drive business process improvements across the company.
Emotional commitment
Wright comments: 'With style and energy, the whole VISION
team fitted into the company. I believe
that it has added measurably to the success of the project that everyone
from VISION has shown real emotional commitment to BIM's business success
and not just this project.'
This enabled the organisation to sustain
changes in the company and to encourage the sharing of best operational
practices.
More effective processes and the greater alignment of
technology have improved service levels dramatically, satisfied customer
demands and improved conversion rates of business; for example, the
Approved In Principle conversion rates improved from 25% to 50%.
Rated and recommended
VISION'S work with BIM
helped ensure that it retained a five star rating for service in the UK
Financial Adviser awards in November 2000. The IFAA/Financial Adviser
survey 2000 ranked BIM fourth in the UK lending market for quality of
service.
|
|
|
Featured clients
|
|
How to build a bank in less than a year
How to take a winning US business and make it work in Europe
|
|
|