Capita renews mortgage contract with
The Co-operative Bank
Capita plc (Capita) announces today that it has renewed its
contract with The Co-operative Bank p.l.c. (the Bank) to run its
mortgage servicing operation in the UK and to continue to support
the Bank’s digitally enabled transformation which will further
strengthen its customer focus.
The renewed contract is worth up to £141m over six
years, of which £107m is incremental to Capita’s current
contract with the Bank and begins on 1
November 2019. Capita’s existing contract with the Bank for
its mortgage servicing operation was signed in August 2015 and was due to conclude in 2020.
The scope of the renewed contract includes Capita continuing to
run a full range of mortgage services – from initial enquiry and
application, all the way through to mortgage maturity.
Consistent with Capita’s strategy to focus on its core
competencies in digital transformation, there will also be renewed
focus on redesigning and simplifying processes and systems to
enhance the end customer’s experience, increase productivity and
reduce costs. A key element of this contract is the collaborative
approach Capita and the Bank are taking to transformation. Capita
will also be working alongside a third party implementing an IT
platform.
All Capita customer service colleagues will receive enhanced
skills development aligned to the Bank’s ‘customer first’
principles. This training complements the Bank’s goal of ensuring
their customers receive the best possible outcomes. Customers will
benefit from a simpler and faster mortgage application process,
which will support the Bank’s drive to improve customer
satisfaction scores.
Jon Lewis, Chief Executive
Officer of Capita, said: “I am delighted that The Co-operative Bank
has chosen to renew our partnership. This is testament to a new
Capita, which is working more collaboratively with its clients, and
is strongly aligned to the Bank’s values as a responsible business.
We look forward to offering an even better mortgage service to The
Co-operative Bank’s customers which will make the process of
securing a mortgage much faster and smoother.”
Andrew Bester, Chief Executive
Officer of The Co-operative Bank, said: “Our mortgage business
continues to thrive and is central to our future plans for The
Co-operative Bank. The service Capita provides our customers is a
key element of our success in a competitive market, and we are
delighted to be renewing our partnership.”
ENDS
Notes to editors:
The total IFRS15 transaction price (order book) for the six-year
contract is £141m, of which £107m is incremental to the remaining
transaction price that would have been recognised on the current
contract with the Bank.
Investor enquiries
Stuart Morgan
Head of Investor Relations
07989 665484
Email: Stuart.Morgan@capita.co.uk
Media enquiries
Capita press office
Tel: 07851 243757 / 0207 654 2399
Email: media@capita.co.uk
Capita is a consulting, digital services and software business,
operating across six markets: Customer Management; Government
Services; IT & Networks; People Solutions; Software and
Specialist Services. Working across the UK, Europe, India
and South Africa, we use our
expertise and technologies to partner with our clients to transform
services and add value for all their stakeholders. Capita is quoted
on the London Stock Exchange (CPI.L). Further information on Capita
can be found at: http://www.capita.com