Supporting Provident Financial Group’s digital transformation
Following the recent decline in traditional in-person lending, specialist lender Provident Financial Group faced an urgent need for digital transformation. Our Consulting team supported them to launch an entirely new loans business, built on our fully cloud-based banking technology platform, putting their customers’ needs at the heart.
Setting the scene
Based in Bradford, Provident Financial Group is a specialist lender focused on the one in five customers in the UK who can’t access mainstream credit. Their purpose is to ‘help put people on the path to a better everyday life’.
However with the recent decline in their traditional face-to-face lending business, accelerated by the effects of the pandemic, Provident recognised the need for digital transformation to ensure they could continue to fulfill their purpose.
How we helped
We had a proven track record of supporting Provident on a number of their most important programmes, so they turned to us to help them achieve their digital transformation.
The first step of this transformation was to embrace a new approach to technology, and to prove this through the accelerated build and launch of a new loans business.
To help Provident meet this goal, we brought our fully cloud-based banking technology platform, Tysl. This platform combines leading CRM, core banking and Fintech components, which allowed us to help Provident accelerate every stage of the programme.
In addition to the new technology, Provident recognised the need to embed their customers' needs at the heart of the change. As a result, a core aspect to the proposition was improving the way that Provident ensures their lending is affordable for all of their customers.
To achieve this, we helped Provident design an innovative customer journey that built an in-depth understanding of each customer's personal circumstances, combining trusted data sources with human insight.
We knew that this human-led, tech-powered approach was crucial to the success of the overall customer experience, so we also helped ensure that the platform supported a hybrid approach, combining all the benefits of digital interaction with human engagement in a single integrated customer journey.
“We are investing in our future technology platform and working with PwC, who are moving quickly to deliver these new capabilities to meet the needs of our customers.”
Making a difference
Sharing Provident’s vision for the customer proposition that they wanted to bring to market, and their desire for pace, we supported Provident to quickly design and plan the right approach.
In under seven months working together as a single team, we helped Provident to build and launch the new platform.
Provident have recognised the benefit of this new approach and work is now underway to continue the digital transformation of the wider group.
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