Fintech Origo launches new transfer tracking service
Transfer Tracking, a new service from Fintech Origo, has already saved one firm 60% of its calls to financial services providers, says Anthony Rafferty, MD of Edinburgh-based company
Origo was established 30 years ago this year by a number of pensions and life insurance companies to help the financial services industry to make best use of technology to become more efficient and cost effective and thereby improve outcomes for people using the industry’s services.
Over the years, through the technology we have built, the standards we have introduced, and working collaboratively with industry participants, we have helped financial services to significantly improve its systems, processes and procedures, to the benefit of both the industry and consumers.
One significant achievement was the introduction of our Transfer Service, which was instrumental in reducing the time taken to transfer someone’s pension from over 50 workingdays to c.11 calendardays. Over 120 financial services brands now use the Transfer Service for its operational efficiencies.
One of our most recent builds is the Origo Integration Hub. This technology enables financial services companies working in the financial advice space to connect easily and efficiently with one another through a central hub rather than undertake costly and time-consuming single integrations with each individual firm with which they want to do business.
The Hub enables a number of services to be automated between provider platforms and software and digital tool suppliers. For example, it supports the setting up of new accounts, secure delivery of portfolio valuations from providers to financial advisers and the tracking of asset transfers, such as pensions.
Origo recently worked with Legal and General to adapt the Hub’s Transfer Tracking capability into a bespoke service for the company, called ‘Track My Apps’. This enables real-time, online tracking of pension transfer applications to Legal and General. Origo’s Transfer Service supplies the data to the Integration Hub and the extracted tracking data is integrated straight to the company requesting the data via an API.
60% reduction in follow up calls
Specialist retirement firm Retirement Line says using the ‘Track My Apps’ transfer tracking service has seen its administration team cut the number of calls it has to make following up on customer applications by 60%.
Commenting on the application of Track My Apps by Retirement Line, Mark Ormston, IT and Administration Manager at the company, said that digital responses had literally removed hours of phone calls previously required to provide updates to advisers and their customers on cases, thereby improving both the firm’s own efficiencies as well as streamlining and improving the service to customers.
He said: “Thanks to Transfer Tracking we’ve already reduced the phone calls we make by 60%. If all platforms committed to using this service we would save around 90% of the time we spend making phone calls – imagine what that would mean for our industry, and importantly, the customer.”
Jon Scannell, Distribution Director, Retirement Income at Legal and General also commented. He said: "Through ‘Track My Apps’ Legal & General provides transfer tracking as part of our digital suite to enable [financial] advisers’ access to real-time information on their applications, saving all parties significant time and money. Crucially, ‘Track My Apps’ has enhanced Legal & General’s customer-centric proposition, helping to keep the adviser and their client informed of progress.”
The Integration Hub is the result of considerable consultation and collaboration with the industry. It is increasing in traction in the market with 15 providers, platforms, digital tools and practice management systems now signed-up – including big names in financial services like Legal and General, Standard Life, Prudential and LV= – with many more in the pipeline. Once a company is on the Hub, linking to partnering systems is simple and easy – Legal and General, for example, were able to implement Transfer Tracking in a matter of just six steps.
This is the kind of achievement that has enabled Origo to grow our services and our team to c. 70 people, working primarily from our offices on Edinburgh Park, and in the past six months, to have seen visits from two of Scotland’s Ministers – Ivan McKee, Minister for Trade, Investment and Innovation and Kate Forbes, Minister for Public Finance and Digital Economy – to see what we do and to talk about the future of Fintech in Scotland.