If you joined the webinar we hosted with our customer Nationwide Building Society in June, it will come as no surprise to you that the building society was just shortlisted for a prestigious UK IT Industry Award - often referred to as the ‘Oscars’ of the UK tech industry. If you haven’t yet seen the webinar “How Nationwide is Modernising Analytics with Search & AI,” it’s still available on demand here.
The Nationwide & ThoughtSpot team is a finalist in one of the most competitive categories: “Digital Transformation Programme of the Year”. Just being shortlisted in this category is testament to the quality of the project team, the creativity and ambition of the use cases, end user adoption, and most importantly, the positive impact on Nationwide’s business. The deployment is truly transformational with more than 500 users and 200%+ adoption growth in some teams.
To recap, Nationwide is working with us to deliver four use cases (and counting!):
Mortgage Pipeline
ThoughtSpot gives Nationwide’s mortgage product team, finance and operations a real-time view of information like which mortgage products members are taking, their property values, the amount of money they’re borrowing, and through which channels (website, branch, brokers/intermediaries, call centres). This helps teams manage mortgage revenues, the quality of the business, and service those applications effectively.
Savings Flow
This allows users in Nationwide’s savings team to view transactions to analyse things like ‘churn’ (money going in and out). Savings team users explore transactional patterns associated with events like Covid-19; and also monthly trends, for example when large volumes of deposits go into savings accounts. This data also helps Nationwide to develop new savings products and determine their launch timing.
Member-IQ
this classic “360 degree” use case gives Nationwide a view of its members’ various product holdings. It also classifies members into attitudinal segments so Nationwide can tailor products, services, and marketing to each. Member IQ data is vital for product teams to identify opportunities to improve products and services for its members.
“Better Value Sooner Safer Happier” (BVSSH)
The final and most ground-breaking use case is “Better Value Sooner Safer Happier” (BVSSH). This is setting the foundation for Nationwide to reach its stated goal: “To deliver new features and services to our members more quickly, especially on our digital platforms, by using new tools and techniques, and changing how we work”. BVSSH analyses Nationwide's application data so it can introduce business change fast, cost-effectively, with agility and minimal strain on IT services.
Nationwide’s COO Patrick Eltridge said: “In the 18 months I have worked at Nationwide this is the best description of a game changer I have ever seen”.
The four initial use cases, however, only mark the beginning of Nationwide’s journey with ThoughtSpot. Since the webinar and completing the submission for the UK IT Industry Awards, we’ve made some great strides in developing use cases and raising adoption:
In less than seven working days Nationwide built a ThoughtSpot-powered Mortgage Payment Break analytical solution to quickly react to the Covid crisis. This helped Nationwide to deliver its ‘Our Home Support Package’ launched in May this year.
A new data source was added to BVSSH to provide even more granular data on the features and services included in new releases of Nationwide applications.
Development has started on three new use cases with two about to go live.
Ninety percent of end users surveyed within Nationwide agreed that ThoughtSpot adds value to their teams and increases speed to insight.
Next, it’s up to me and our colleagues Eli Penny and Paul French at Nationwide to wow the judges in a final round of virtual presentations on September 16. The awards will be given on November 11th. Wish us luck!
Finally, if you’re involved with an exceptional ThoughtSpot project, we want to hear from you! Our Customer Champions team is on hand to help you promote and celebrate the success of your project. Contact Hannah Sinden for more information.
