Intelligent Finance (IF) was a Scottish offset bank, a division of Bank of Scotland plc, part of Lloyds Banking Group. IF was set up at a time when many banks were exploring opportunities to use new technology to reduce the costs of providing financial services.
Not content to imitate others, in 1999, IF sought to build a bank based on a radically new customer proposition of balance netting and personalised service and to complete the design and build the new bank within 10 months.
• VISION was tasked with the overall management of the programme and had overall responsibility for integration and implementation.
• Commissioned to produce a detailed plan for the programme, called a Design in Action (DIA). Completed within eight weeks, it detailed the sheer scale of the project.
• Mobilised 500 consultants, project managers, and developers in three months.
• In parallel, Customer Service Consultants and administration teams commenced training with teams of VISION ‘resolvers’ fielding breakdowns and passing lessons back to designers.
• Within 3 years, IF was arguably the most successful direct bank in Europe.
• Balances at that time were more than STG £12 billion
• 10.4% market share of the UK net mortgage market
• Over 500,000 accounts
• 40,000 new current accounts within 18 months of launch
“VISION’s design and build of our systems have enabled us to be high-performance, customer-focused leaders in our markets. VISION’s program management gave us an Internet-Telnet bank in record time. In my estimation VISION is one of the top among management and technology consulting companies.” Jim Spowart – CEO Intelligent Finance