# Capita renews contract with The Co-operative Bank

- Link: https://www.directorstalkinterviews.com/capita-renews-contract-with-the-co-operative-bank/412796789
- Published: 2019-10-31T07:50:54+00:00
- Author: Amilia Stone

**Capita** (LON:CPI) has announced that it has renewed its contract with The Co-
operative Bank plc to run its mortgage servicing operation in the UK and to continue
to support the Bank’s digitally enabled transformation which will further strengthen
its customer focus.

The renewed contract is worth up to £141m over six years, of which £107m is incremental
to Capita’s current contract with the Bank and begins on 1 November 2019. Capita’s
existing contract with the Bank for its mortgage servicing operation was signed 
in August 2015 and was due to conclude in 2020.

The scope of the renewed contract includes Capita continuing to run a full range
of mortgage services – from initial enquiry and application, all the way through
to mortgage maturity.

Consistent with Capita’s strategy to focus on its core competencies in digital transformation,
there will also be renewed focus on redesigning and simplifying processes and systems
to enhance the end customer’s experience, increase productivity and reduce costs.
A key element of this contract is the collaborative approach Capita and the Bank
are taking to transformation. Capita will also be working alongside a third party
implementing an IT platform.

All Capita customer service colleagues will receive enhanced skills development 
aligned to the Bank’s ‘customer first’ principles. This training complements the
Bank’s goal of ensuring their customers receive the best possible outcomes. Customers
will benefit from a simpler and faster mortgage application process, which will 
support the Bank’s drive to improve customer satisfaction scores.

> **Andrew Bester, Chief Executive Officer of The Co-operative Bank, said**: “Our
> mortgage business continues to thrive and is central to our future plans for The
> Co-operative Bank. The service Capita provides our customers is a key element 
> of our success in a competitive market, and we are delighted to be renewing our
> partnership.”

> **Jon Lewis, Chief Executive Officer of Capita, 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.”

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