Capita secures £141m contract renewal with Co-operative Bank
Capita on Thursday renewed its contract with The Co-operative Bank to run its mortgage servicing operation in the UK and to support a digitally-enabled transformation.
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The contract, which is worth up to £141m over six years, will see Capita continue to run the bank's mortgage services right the way from initial enquiry and application, through to mortgage maturity.
The original mortgage services contract was signed in August 2015 and was due to expire next year.
The FTSE 250 company said its customer service colleagues will receive enhanced skills development aligned to the bank’s "customer first" principles, with the target of creating a simpler and faster mortgage application process that will support the bank’s drive to improve customer satisfaction scores.
Meanwhile, the collaborative digital transformation will involve redesigning and simplifying processes and systems to enhance the end customer’s experience, increase productivity and reduce costs.
Capita will also be working alongside a third party implementing an IT platform.
Chief executive Jon Lewis said: "I am delighted that The Co-operative Bank has chosen to renew our partnership. This is testament to a new Capita, which is working more collaboratively with its clients, and is strongly aligned to the bank’s values as a responsible business. We look forward to offering an even better mortgage service to The Co-operative Bank’s customers which will make the process of securing a mortgage much faster and smoother."
Capita shares were down by 0.94% at 157.85p at 1031 GMT.