Meeting the needs of a changing UK savings market
SPONSORED INDUSTRY INSIGHTS
The retail savings market in the UK is vast at approximately £1.5 trillion but interest rates remain subdued and there is also pressure on household budgets. Last year, for the first time since the Office of National Statistics (ONS) records began in 1987, UK consumers were more likely to be borrowers than savers.
The government has taken various steps to help people save more, encouraging new products and services in savings sector, and there are numerous fintech enabled propositions and partnerships gaining traction in the market across a broad and diverse range of customer needs.
What do savings providers need to be successful in this market?
Today’s savings providers need a flexible savings platform with strong digital capability that can on-board and service savings customers across multiple channels, including branch, phone, web and mobile.
The ability to launch and manage multiple account types is key, ranging from instant access to notice accounts, ISAs, fixed term, children’s accounts and business savings accounts.
The new solution is a flexible and fully branded online application.
The rise of Open Banking and APIs, and the emergence of always-on, cloud-connected smart applications have set the stage for the next generation of banking technology.
How can DPR help?
We’ve recently enhanced our savings solution over the last nine months, redesigning and packaging it in line with feedback and insight from our client work over many years. The new solution is a flexible and fully branded online application and account servicing system that guides customers through every step of their journey quickly and efficiently, with a responsive design that works beautifully on any device.
To put it simply, we can meet all of the end customers’ needs whilst helping savings providers to achieve the holy trinity of increased revenues, enhanced customer experience, and improvements in operational efficiency.
DPR has been on the journey with our clients as the market has evolved over many years and we have the most comprehensive offering across retail and business savings.
Today we are perfectly placed to help savings product providers who:
- Have no existing digital capability and wish to develop one
- Need to go through a digital transformation of their savings offering
- Are new providers coming to market in need of a savings platform
With over 30 different fintech integrations, over 100 different functions, and the ability to deliver retail and business savings accounts, our solution can open up access to a vast number of mainstream and specialist customer segments.
Ours is a modular solution and can be deployed in the cloud or on premise. If you have multiple products on our platform, you can also have a single customer view across mortgages, loans and savings accounts.
On top of all this, we can deploy our savings solution in just three months and we have already signed up three UK clients to the new solution before it is fully launched.
Why choose DPR?
We are a UK company with a team of over 200 people (160 based in the UK) and our award-winning technology platform provides banks, building societies and online providers with a complete and integrated digital solution for the acquisition and administration of savings accounts. We were established in 1996, and today over 40 financial institutions already depend on DPR’s technology and expertise to underpin their origination and servicing activity across all channels and devices.
By Dave Patel, co-founder and CEO of DPR, a company he founded in 1996 following a successful career at NatWest
For more information, please visit
www.dpr.co.uk, email [email protected]
or call 0207 050 2000
This article is also featured in the summer July/August 2019 issue of the Banking Technology magazine.
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