Analytics helps Building Society improve efficiency and cut paper waste
The Nottingham Building Society in the United Kingdom has streamlined its mortgage applications process with the help of business analytics software. The new system from IBM has helped the Building Society locate potential bottlenecks and eliminate delays in the applications process. The analytics solution also has reduced paper waste, lessening the organization’s carbon footprint and possibly saving 14,000 trees a year, according to a news release from IBM.
Jack Cutts, head of IT at the Nottingham Building Society, says, “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. We’re now looking to deploy IBM business analytics to additional areas of the company as the value of mining data is proven and we can see the impact that it could have on other areas of the business.”
The IBM solution is used by the Building Society to analyze 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 U.K. £500 million of applications per year.
IBM reports that its software has increased automation across the whole organization. Analytic dashboard views, which show a snapshot of all management and operational reporting statistics, have led to major time-savings, the company adds. That allows C-level executives to focus less on the administrative parts of their jobs and more on driving additional business.