News & Blog

ISA Industry Issues

When the Government substantially increased the Depositor Guarantee Scheme after the Northern Rock crisis and the wider impacts of the Credit Crunch started to be felt in early 2008, a top 5 lender was in prime position to capitalise on the "safe haven" panic that swept through the personal investment market.

But the scale of investor mobilisation went far beyond what anyone had envisaged and the systems to handle this massive transfer activity were woefully inadequate.

The ensuing impacts on customer service led to

    - Profitable transfer-in business being turned away for several months
    - Backlogs of over 3 months
    - Being named and shamed in national media for bad customer service
    - Unprecedented levels of customer complaints
    - Large numbers of interest compensation and ex gratia payments
    - A major staff recruitment, training and morale problem


With the 2009 ISA season just a few weeks away the lender needed an instant solution to a processing problem which their own IT people would take at least 18 months to build.

The Solution

MatsSoft developed a web based system in 5 weeks that significantly eases the problem.

MATS for ISA was deployed immediately – without impact on legacy systems.

MATS for ISA allowed Nationwide to reopen their doors to new, profitable transfers-in business almost immediately by enabling them to

  • meet current transfer deadlines (for the first time!);
  • meet the proposed new and more stringent deadlines;
  • do all this without recruitment of additional manpower and
  • monitor, audit trail and provide all required, extensive MI reports.

    • And the additional bonus? The lender now expect to cut their 2008 compensation interest and ex gratia payments by at least 75%.

    Read further about MATS for ISA.