In the United Kingdom, a building society resembles a savings and loan institution in the United States. The society is owned by its members and provides banking and financial services solutions such as loans.
Sopra Group Solutions has just announced that it serves as a managed service provider (MSP) for 45 percent of the U.K.’s building societies. Specifically, Sopra Group just added returning customer Newbury Building Society to its family of clients.
Newbury signed a five-year managed service contract that will implement Sopra Group’s Mortgage and Savings Suite (MSS) across its 11 branches within the next 12 months. In addition to supporting Newbury’s mortgage and savings business, MSS will provide fully managed branch support.
In addition to allowing building societies to get new products to market quickly, MSS manages the products over their entire lifecycles. “The Sopra Group solution is a proven system, and will be able to provide us with the functionality and flexibility our business needs,” explained Phillippa Cardno, Newbury’s assistant general manager for Customer Services.
Sopra Group offers a number of MSP solutions for retail banking in the U.K. Collections, debt servicing and installment credit are some of Sopra’s other retail banking functions. The company also provides solutions for application outsourcing, business intelligence, information security, systems integration and testing.
In addition to working with financial services customers, Sopra Group delivers managed solutions for the leisure and retail industries, manufacturing, telco and media, travel and transportation, and even the public sector.
“Our vision of the world of information service and technology is one that brings about lasting progress and improvement in performance,” stated Pierre Pasquier, Sopra Group chairman. “I see Sopra Group's role as one that helps you see beyond the fads and trends, guides you in your choices and helps unite your information systems and your long term strategy.”
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