In collaboration with Unisys, MBS will be one of the first mutual building societies to adopt a new digital banking platform. Unisys’ Elevate solution will enable MBS to attract a new generation of customers by delivering seamless digital current account services across multiple channels, giving customers more choice and allowing them to simplify their money management online.
“As a mutual we have the interests of our members and customers at the heart of everything we do. Re-investing profit back into the Society to develop member led products and services is our core aim.” commented Will Carroll, CEO, Monmouthshire Building Society. “We believe our partnership with Unisys will provide an innovative solution that supports our strategic objectives to become a modern society, and the local flexible financial partner of choice. This exciting proposition will enable the Society to grow its membership, whilst providing both existing and future members with a multi-channel offering.”
With traditional building societies, customers need to go in-branch for all services but the Elevate platform will give MBS’s customers more flexible banking through the new current account services, including digital wallet capabilities which many banks do not currently provide. In addition, Elevate’s open API architecture supports banks and building societies with their Open Banking needs. This will give MBS the potential to offer new and innovative financial products and services to its customers in the future.
"The challenge for many banks and building societies today is how to stay relevant and give people more choice to bank in a manner that fits with their lifestyle," said Eric Crabtree, vice president and global head of Financial Services, Unisys. "Monmouthshire Building Society is focused on delivering a best-in-class banking experience to meet the changing needs customers. Coupling their commitment to digital transformation with Unisys’ services and software will enable them to drive greater customer satisfaction and build brand loyalty – by giving their customers the capability to bank across multiple channels."
Launched last year, Elevate is a dedicated financial services platform for institutions of all sizes. It can be adapted to fit a range of business needs, including the origination of mortgages, loans, savings and current accounts regardless of touchpoint; from mobile banking, internet, branch or contact centre. In the Elevate ecosystem, Payment Cloud Technologies (PCT), part of the Omnio Group, supports current account capabilities and is integral to delivering these services for MBS.
“When it comes to banking, choice is a critical factor for consumers. Our work with Unisys ensures that institutions can deliver that choice in the form of the latest current account services via the customer’s preferred channels, from branch to mobile, so people can bank and manage their finances in the most convenient way for them,” said Ian Clowes, CEO, PCT. “Additional services such as Digital Wallet provide even greater levels of convenience as MBS customers will have the ability to use their mobile for online or in-store payments and potentially for person-to-person payments in the future.”