news and information Web site Moneyfacts has partnered with UK retail
banking software vendor Intelligent Environments (iE) to launch an
outsourced Internet savings applications service.
The
package is targeted at small financial services firms and building
societies that lack the resources and connectivity to sign up customers
online.
The service will be offered on rental terms, for a minimum contract period and with full hosting and implementation support.
Firms
will be charged for each application generated instead of paying a
licence fee which, says Moneyfacts, means low upfront investment and
running costs.
Moneyfacts also claims the service will
save companies money on know-your-customer checks because the
applications it generates will already be fully verified.
Stephen Rumbelow, head of Moneyfacts, says the cost of running branches is forcing institutions to focus on the Internet.
"Although
the products themselves are often market leading, shortcomings in the
application processes can see much of the product potential and
investment in product pricing go to waste through poor conversion
rates," he says.
Commenting on the move, Jerry Mulle,
director, sales and marketing, iE, says: "With Moneyfacts.co.uk we've a
'pay as you go' pricing model to offer a low cost start-up solution
that supports the business case for online financial services - reduced
cost of acquisition and reduced operational costs."
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