A launchpad platform for savings providers
Despite continued political and economic uncertainty, interest rates on savings products are starting to rise as competition intensifies between established banks, building societies and challenger banks. To meet the changing demands and needs of providers wishing to compete and remain agile in the sector, banking technology provider, DPR, has launched an enhanced savings platform solution.
At the heart of the DPR savings platform is a fully digital technology core that provides a range of critical application services. These production-proven components are common across all clients and solutions, maximising flexibility and simplifying support and maintenance. This fully branded solution embraces the rise of open banking and APIs, and the emergence of always-on, cloud-connected smart applications working alongside the next generation of banking technology. Offering deposit takers an opportunity to work with a trusted systems provider de-risks future business operating models. The result is a complete and coherent solution that can be implemented quickly and with minimal effort.
Historically, deposit takers have employed bespoke savings origination and servicing solutions. These systems invariably include a separate front end and core which eradicates many of the advantages gained by employing DPR’s straight through processing solution. Multiple systems can often lead to project delays and subsequently, expanding costs. This is also true of bespoke systems when poorly defined or changing requirements occurring during the build stage often lead to functionality issues and implementation delays. Due to the nature of this model there are ongoing costs associated with any system updates as multiple changes need to be made across separate systems. Together, these factors mean that the cost of originating a customer climbs and any eventual profit is hit.
Instead of this bespoke design, DPR is using the experience and expertise gained with approximately 40 bank and building society clients to offer more all-encompassing digital propositions. Offering providers cost effective practical solutions that can be quickly enabled and deployed in branches, call centres and for postal accounts these fully integrated systems offer fuller flexibility alongside ongoing support and maintenance, saving both time and money when regulatory or product-led distribution updates are necessary.
Commenting on the news, Dave Patel, co-founder and CEO of DPR, said: “Our modular solution can be deployed in the cloud or on premise in just three months and I firmly believe we have the most comprehensive offering available in the market, enabling our clients to open up access to a vast number of mainstream and specialist customer segments. We believe that we are perfectly placed as a vendor to remain at the forefront of building society banking development and integration.”
By taking this form of digital approach DPR’s award-winning savings platform will bring benefits for financial institutions at all levels. Savings providers can improve levels of productivity, efficiency and accuracy as well as speeding up drawn-out processes, at the same time reducing overheads, increasing profits and enhancing their overall appeal to customers. The time saved on consumer account origination and servicing can be better spent on improving relationship banking levels and greatly reduce the cost to acquire new customers.
By Dave Patel, co-founder and CEO of DPR, a company he founded in 1996 following a successful career at NatWest
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