Groundbreaking Innovation for Financial Services Industry
Client:Scottish Widows, a leading pension provider.
- Increasingly demanding customer relationships, lower activity and the need to transform their cost base in the face of continued economic difficuly.
- CSC's propietary Corporate Wealth Management (CWM) concept, branded “Mymoneyworks” when used by Scottish Widows.
- More than 2000 UK employees now use Mymoneyworks to manage their own pensions.
- Mymoneyworks used by employees for other investments.
Like other institutions, Scottish Widows is facing increasingly demanding customer relationships, lower activity and the need to transform their cost base in the face of continued economic difficulty. This led to a specification for change that included:
- A way of empowering customers, enabling them to manage their affairs with greater flexibility and security.
- Providing a better user experience, leading to closer engagement and improved persistency.
- Reducing fixed costs and improving competitiveness through higher service efficiency, driven by innovative use of technology.
Intuitive online services
CSC’s financial services consultancy already had the blueprint for a breakthrough solution that would achieve these goals and, working with Scottish Widows in a close partnership, they turned the concept into reality and took it to market in 2010.
The core of the solution is CSC’s proprietary Corporate Wealth Management (CWM) concept, branded “Mymoneyworks” when used by Scottish Widows. It is the first of a new breed of intuitive, customer-centric online services, designed to provide a high quality experience, with maximum speed and convenience to user and service provider alike.
The innovative design of the service offers extraordinary advantages to all those involved:
- Employers provide a best in class service to their workforce, maximising benefits take up and reducing staff turnover.
- Scottish Widows cuts service costs through use of a self-serve, on-demand approach, while simultaneously improving the user experience.
- End-users receive a consolidated personal finance service that is easy to use and delivers outstanding security and value. They also have access to telephone based support and potential face to face meetings with qualified Scottish Widows financial advisers.
The solution was launched as a pilot into CSC UK and currently, more than 2000 UK employees use Mymoneyworks to manage their own pensions and other investments. More than 1000 individual investment products, other than the company pension scheme, have already been added, and this number goes up on a daily basis.
“Scottish Widows is now establishing leadership in a vital segment of the financial services market. We are providing a new kind of service to a technology-literate audience of end users, most of whom are comfortable with buying a wide range of services online,” says John Taylor, Market Director, Corporate Pensions, Scottish Widows.