Skipton Building Society

Skipton Building Society

Skipton opted for TIBCO integration to enable an API-led approach for building its digital services and the first online cash lifetime retirement fund in the UK.

Skipton Building Society

Skipton opted for TIBCO integration to enable an API-led approach for building its digital services and the first online cash lifetime retirement fund in the UK.

"

We projected that getting to one million customers would take another couple of years. But working with TIBCO enabled us to quickly launch a new type of product, and we were there a couple of years ahead of schedule.

Dan Akrigg
,
Head of Systems Development

Skipton Building Society Builds Customers with TIBCO Integration

Innovation to meet customer needs and new products

Business Challenge

A dated, inflexible system prevented Skipton Building Society from quickly adapting to change and engaging customers in the way they preferred. Customers were asking for more digital interactions, and Skipton wanted to satisfy their changing needs.

Transformation

The TIBCO integration and API platform helped Skipton increase agility, adapt to market changes, and build an innovative online lifetime individual savings account (ISA) product that boosted its customer base.

Benefits

Innovation to Meet Customer Needs

Skipton Building Society's monolithic legacy architecture prevented it from adapting to the fast pace of change in financial services, including servicing customers with digital interactions and mobile access. "We had customers saying, 'I want to see what my LISA (similar to an IRA) is doing via my phone,'" said Dan Akrigg, head of systems development.

TIBCO integration helped Skipton use APIs to create flexible standardized connectivity to its banking services, which improved the company's agility and innovation. Skipton created the first-of-its-kind service showing LISA cash online in a mobile app, only the third mobile app offered by a UK building society.

"The volume of sessions per customer is higher on the mobile app than any other subsystem or capability, with more than one million logins since its launch."

Innovative New Products

Before TIBCO, Skipton wouldn't have been able to consume RESTful third party services for building innovative solutions, but with TIBCO BusinessWorks software, it had the technology. Well-known financial expert Martin Lewis provided a huge endorsement, saying on TV, “Go put a pound in Skipton's LISA right now."

"There were a lot of competitors doing stocks and shares LISAs, but nobody was doing an online cash LISA," said Akrigg. "We couldn't have done it without TIBCO. Martin's TV announcement expanded our customer base by 10% at a pace unheard of in the sector. We actually experienced 3% customer growth in the first month alone, which included a younger demographic, and moved us to that million customer mark. Working with TIBCO accelerated our progress, and we met our mark a couple of years ahead of schedule." Thanks to TIBCO integration, Skipton Building Society is now able to develop its digital platform and respond to market opportunity, leaving its competitors playing catch-up.

10 Percent

customer growth in less than 6 months