High-speed application platform underpins digitization strategy
Yorkshire Building Society (YBS) Group is now able to quickly develop and deliver customer-friendly apps, including a new online mortgage calculator that has seen conversions increase by 54 percent, by using the OutSystems low-code application development platform.
The UK's third-largest building society has made digitalization a core part of its business strategy to build both customer-centric services and trust with its customers. In addition, YBS wanted to provide more choices for how customers accessed services to help reduce inbound calls and wait times as well as further improve the overall customer experience.
In order to do this, YBS chose OutSystems as its core development technology to build customer-focused apps faster. The first app, a new online mortgage calculator, was delivered in just three months.
To meet its exacting security standards, YBS selected OutSystems Sentry. This was to ensure the building society had all the speed and agility advantages of high-speed application development, combined with the benefit of additional security, risk management, and monitoring for a SOC2 Type II compliant cloud platform.
“There's an increasing digital dependence amongst our customer base, so we need to make sure that those experiences are seamless and allow people to carry out activities with us as quickly and easily as possible,” said Kirsty Jordan, Digital Services Lead, Yorkshire Building Society. “Using OutSystems has made that much easier to do, and by developing a set of APIs and services that work with our existing systems, we have a lot more flexibility with all of our security requirements still baked in."
“OutSystems isn't just transforming YBS's approach to individual products and processes,” said Willem van Enter, Vice President EMEA with OutSystems. “It's also helping the building society with executing its digitalization strategy, while at the same time resetting the way it operates in order to help deliver its long-term ambitions.”
Having successfully delivered the mortgage calculator application, the same development team joined a project to overhaul the customer acquisition journey for savings products. The new digital experience takes six minutes instead of ten and, during A/B testing, YBS saw a ten percent increase in application completions.
YBS is also exploring additional opportunities to improve its processes with OutSystems, including a focus on those in the back-office, such as removing paper and streamlining decisions, as part of its digitalization agenda.
About Yorkshire Building Society
Yorkshire Building Society has assets of £45 billion and nearly 3 million customers.
Chelsea Building Society and Norwich & Peterborough Building Society are part of Yorkshire Building Society. Its subsidiary companies include Accord Mortgages Limited.
For more information on Yorkshire Building Society visit www.ybs.co.uk.