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Newcastle Building Society - Case Study

Newcastle Building Society - Case Study

How to get customers to stick with building society products

The challenge

Newcastle Building Society is the largest building society in North East England. They provide customers with a variety of financial products, including mortgages and loans.

To get ahead in a highly competitive market, they asked:

  • what makes a customer stay or leave?
  • how can they price in the market to make sure they can influence that decision?

They approached an external company that offered a product, which promised a solution. But the price was not something they were willing to go for.

They realised their problem could be the perfect opportunity to use the experience of NICD.

The tool developed with NICD is absolutely fantastic but the actual skills we’ve got have been far bigger and far more important.

Jack Pattulo, Product Analysis and Planning Manager, Newcastle Building Society

Resolution

NICD taught them how to build a model to predict what future customers would do based on their existing data set.

The NICD way takes everything into account about the customer. There was a built-in ability for them to change the rate on their products.

It told them whether or not customers were going to stay based on the changing price they offered.

The project gave them intensive training over four months, using their own data. It allowed them to work with an actual business scenario.

Solution

Newcastle Building Society:

  • gained skills in working with the data and insights about their business
  • gained time savings through greater efficiency and reduced workloads
  • were enabled to start data projects of their own 
  • were helped to retain customers and gain new ones