News

When is it better to 'start again'?

04 December 2012

Last week, Mortgage Strategy reported that Mortgage Brokers have criticised the Woolwich online booking system for poor usability and the time it takes to process cases. Barclays Head of National Relationships Sarah Green says she would rather use the 'millions' of pounds it would take to improve the system to boost mortgage lending instead.

This debate has been going for some time. Back in March this year, this same system was under scrutiny, with a Mortgage Strategy article headed:

Woolwich's halfway house tactics on funds are not good for brokers or their customers

Our view:

Although this is a reference to a particular system in the mortgage market, the issue is universal:

In many cases, by standing back and looking at the issues from a fresh perspective, it is often more cost effective and process efficient to start again instead of trying to 'mend' a solution that is either outdated or simply not delivering what's needed.

Not many Companies have the foresight to take this approach, but I would guarantee many should. In the case of the Woolwich, I would challenge the need to spend "millions" fixing a system if it was right in the first place. But then again, a poor user experience will potentially lose a company 'millions' in new business.

Perhaps the Woolwich is caught in the 'legacy trap' - and are showing a reluctance to spend more good money on an old problem. There comes a time when not replacing legacy systems is misguided. Not only is it inefficient, but it makes 'understanding your customer' nigh on impossible. Sound familiar?

Customers have high expectations and will vote with their business. 'Putting up' with systems that attract a high level of customer dissatisfaction is to accept the mediocre and no company should be happy with that approach.

Latest Blogs

2017

August

Does AI deserve the headlines?

May

Seeing through the eyes of the customer

April

Insurance technology – simplify the complex

March

InsurTech, ignore it at your peril!

2016

December

It’s Crystal-Ball Gazing Time Again

November

How ready are you to combat fraud?

October

Actions speak louder than words

September

Efficiency, agility, and profitability

How can you be more customer-centric?

August

Old Technologies - It is OK to plug the gaps

New Technologies - Same Old Systems

June

Running to stand still

May

Is your business ready to adapt?

March

No, seriously, what can you claim about your claim systems?

What can you claim about your claim systems?

February

It's people that have the ideas

January

Separating the Movers from the Shakers in 2016

2015

November

The challenge to be different – it’s all about the people

September

Security, Simplicity and Speed - the future of Financial Services

July

The New Breed of Quote and Rating Modules

June

INSURANCE INNOVATION SUMMIT 2015 - Hosted by Ingenin Ltd

April

Speed and Personalisation – aspiration or reality?

March

Team spirit is an illusion glimpsed in the aftermath of victory... or is it?

January

David or Goliath?

2014

December

What's your New Year resolution? Here are three of ours

November

2014 Insurance Technology Event - Championing Innovation - Hosted by Post Events

The maverick in the ranks - how do we deal with the talented non-conformist?

September

Are you Responsible, Chilled, Sociable, or Happy?

August

A Customer for Life

July

Being different

June

Cloud computing – a huge opportunity for the Insurance Industry

May

Past failure is a threat to future success

April

It isn’t broken yet - is change too risky?

March

Today’s word is ENABLE

What is Value for Money?

February

How to make vision a reality – it’s not that difficult

The Challenge IS the Opportunity

January

Instil a culture of innovation and creativity

Three steps to success in 2014

2013

December

What customers want from the Life Insurance industry

Themes from Insurance Strategy Insights event

November

The need for competition

Insight must lead to action

What is disruptive technology?

October

Closing the insurance delivery gap

September

Reliability much more important than price

August

Where has all the creativity and innovation gone?

Is there too much fear in business?

July

"Simplicity" is not as simple as it looks

Time for Innovation

Standing out from the crowd

June

Insurers need to innovate and excite - or die

May

The danger of business inertia

April

The BIG Decisions

The work/life balance

Coping with exploding data

March

Trust and loyalty go hand in hand

February

Bold and brave

January

To stand still is to go backwards

2012

December

The year ahead in Financial Services

Love it or hate it, you can't ignore the influence of Twitter

When is it better to 'start again'?

November

Differentiation is the key

October

Solvency ll - may be delayed but certainly won't go away!

Better by the bundle?

Insurance and the net

Personalised technology

September

USA leads the way

August

Technology gold medals

New is not always better

Stand still and get left behind!

July

Social media blamed for poor data flow

Banks will abandon 50 per cent of branches in 8 years