thinkmoney wins “Best Use of IT in Retail Banking” at Banking Technology Awards

London -  16 December 2019

OutSystems Powers Award-Winning Digital Transformation Program

OutSystems, provider of the number one low-code application development platform, today announced that its customer, thinkmoney, has won the prestigious 2019 Banking Technology Award for “Best Use of IT in Retail Banking.”

Now in its 20th year, the Banking Technology Awards aims to recognise excellence and innovation in the use of IT in financial services worldwide with 18 judged award categories. The award evening, held in London, brought together 97 banks from around the world and their technology partners.

“We're delighted to receive this recognition for the hard work of our digital transformation team over the past year,” said Michael Aldred, managing director of thinkmoney. “We started working with OutSystems in September 2018. By April 2019, we launched three new digital services that have greatly improved customer experience.

“The new digital services include an improved customer onboarding process, a new mobile banking app, and a new internet banking service,” continued Aldred. “I'm immensely proud of the pace with which we've improved customer experience and the ability of our staff to adopt new agile ways of working. I believe those aspects of our story impressed the award judges and account for this win in the face of stiff competition from several international banks.”

“We’re proud that thinkmoney’s hard work was recognised,” said Garry Larner, regional director, financial services and insurance at OutSystems. “The exciting thing is that thinkmoney now has the agility needed to continually improve their digital services across all channels, at a pace that their industry peers can only dream of. That’s good news for thinkmoney and their customers. We expect to see more great things from thinkmoney in the future.”

thinkmoney’s award submission was accompanied by a detailed case study video filmed at their offices in Manchester. The video and more details of thinkmoney’s digital transformation success are available here. www.outsystems.com/thinkmoney

Key achievements of thinkmoney’s digital transformation that contributed to the award win:

  • Delivered a new customer onboarding process in seven weeks.
  • Customer onboarding completion has improved by 30 percent.
  • Customer acquisition marketing costs reduced by 21 percent.
  • Delivered a new, class-leading mobile banking app in 14 weeks. Associated marketing activities will attract over 15,000 new customers in 2019.
  • Delivered a new online banking system in 26 weeks from start to finish.
  • Massively reduced contact center workload, as 75 percent of customers now use digital, self-service channels.
  • Retired previous off-the-shelf digital banking platform, saving around £300,000 per year.

About thinkmoney

thinkmoney is all about making banking simple for customers and believes that everyone should be able to get a bank account, no matter their financial picture. The budgeting feature of the account helps customers to pay their bills on time, as the money needed is kept to one side so it’s not spent by accident. That way, they know they’re free to spend whatever’s leftover. No stress, no hassle.

There is also an app available that allows customers to access their money on the go, and it’s packed with features that aim to help customers who want to get a tighter grip on their finances. More is being added to the app regularly, and now customers can even use it to apply for a loan using the marketplace.

The app has seen great success over 2019, having been nominated for four UK App Awards as well as winning at the Banking Technology Awards. thinkmoney believe that the app is one of their biggest success stories, and hope for it to do even more in the future.

The account is clearly working for customers, as for the past eight years the thinkmoney Current Account has received a four-star Fairbanking Mark. This means that the account is recognised as being helpful for customers’ financial wellbeing, and has increased the control that they have over their income and spending.

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