Flying high – MoneypilotA revolutionary new process changing the face of financial services delivery across the UK has beendeveloped and launched in Wales – adding to the country's growing reputation at the leading edge of theindustry for online services.

Moneypilot, which is available to anyone with a PC and a landline or mobile telephone, is succeeding on a platform of innovation, simplicity and transparency as it links advisers with customers over theinternet providing a simple guide through the maze of products available.

“Advisers do their job then hand over to the customer care team.It all happens in one room, is part of one system, and people dowhat they are good at.”

This combination of factors, including the in-situ advice, hasbrought Moneypilot a “green” award from Cardiff City Council.The company is proud of its high level of recycling andenvironmental measures within their offices.

Pritchard said customer satisfaction was extremely good with 100per cent of respondents saying they had received a high level ofcustomer service and 74 per cent saying they would recommendMoneypilot to a friend or relative.

When presented with the original idea, the Chief Executive ofPrincipality Building Society, Peter Griffiths, immediately identifiedthe opportunities to deliver exceptional levels of professionaladvice and customer service.

The same levels of commission are paid to advisers regardless ofthe chosen product - and the latest technology is used to makethe procedure totally secure.

“The operating environment has full SSL encryption. Everything wedo is safe and confidential. We record phone traffic and ourtechnology is glitch-free. The client doesn't need to download anysoftware”, says Pritchard.

“We have been operating out of Cardiff for two years and we areextremely happy that we're attracting the right sort of people towork in this environment.

“We work very closely with the Financial Services team inInternational Business Wales, part of the Welsh AssemblyGovernment. They make us very aware of the full range offinancial assistance and funding available to assist our business – and this is an on-going dialogue. They introduce us to the rightpeople which means that I can make a business decision based onthe best information. I do not think that this level of support isavailable in other parts of the UK.

“The business environment in Wales is excellent. We have anational footprint but there are major advantages of working outof this location. We receive a lot of positive feedback that peoplelike to deal with a Welsh-based business.

The great communication links here mean we are able to attractstaff from a wide pool of people. Staff retention is first class andour staff surveys show that satisfaction is very good.”

Pritchard believes that they are helped in this regard by theproduct. “We are not talking about a standard call centre here.Moneypilot is a centre of excellence, as we encourage ouremployees to broaden their own knowledge. This is a newapproach and our staff love it because they are themselves helpingto develop it.”

Pritchard sees the success of Moneypilot as an example of theentrepreneurial and innovative spirit in Wales.

“Principality Building Society is proud to be at the forefront ofchange and innovation which is helping to keep Wales in thevanguard of new thinking. The Building Society has a reputationfor opening new channels to the financial services marketplaceand Moneypilot is a superb example.

“Wales really is a good place to do business”.

The web-based advice and execution service for mortgages,insurances and wealth management, is a unique, secure, no-fee,impartial, convenient and environmentally-friendly processattracting enquiries from all areas of the UK.

Moneypilot - a wholly owned subsidiary of Principality BuildingSociety - is one of several financial services success stories that arehighlighting the attractions of Wales as a base for market-leadingfinancial services operations.

Support and advice from the Welsh Assembly Government, theavailability and loyalty of quality staff, retention of key workers andgood quality of life are increasingly becoming important as aplatform for success.

The Moneypilot process, invented, developed and commercialisedin Wales, involves an integrated web and phone advice system inwhich an adviser talks to the customer by telephone as they jointlyaccess relevant websites to find the product best suited toindividual needs.

It comes at a time of unprecedented choice and when the retailfinancial services sector is under more pressure today than it hasbeen for over 20 years.

The Moneypilot team, which is headquartered in Cardiff, hasspearheaded spectacular growth since it was launched in 2006.Turnover has increased four-fold in the first two years. In the firstquarter of this year business has doubled.

The advisory team, which numbered six when the company began,now totals 30 in a 42-strong workforce and there are plans forfurther expansion.

Neal Pritchard, Executive Director of Moneypilot, says: “The customer is at the heart of this business, sees everything thatthe adviser sees and all interaction takes place at a time that suitsthem. It is an entirely personalised shopping experience.

“It is also 'super compliant' because all screen sharing and calls arerecorded in a controlled unit along with the traditional client file.”

He said Moneypilot is turning the traditional way financial servicesare provided on its head.

“Traditionally, face-to-face meetings take place to suit the adviserwith concomitant travel to an agreed location. Because of theregulatory environment teams had to be in place in all areas of thecountry. Not any more. Moneypilot takes away the restrictions ofgeography.

“Our customer base ranges from people in their twenties toseventy five year olds. But our service has especial appeal toclusters of professionals which include medical, IT and teachingstaff.

“People can access our services from anywhere and we even findthat some choose to contact us during breaks at their workplace.Often a lack of guidance can lead to clients dropping out of theonline process, but in this case our adviser travels the same road.

“In contrast, cold telephone only situations or traditional face-to-face meetings with the clients do not present the best options oryield the best outcome.

“In our environment, our advisors are more productive as theyhave no travelling or down time. It is far more flexible.

People, Profitability, Productivity

WalesFinancial Services

For further information on Financial Services in Wales contact Tony Godfrey, Head of Financial Services:

Tel: +44 (0)7789 371 345

E mail: tony.godfrey@wales.gsi.gov.uk

www.ibwales.com/financialservices

Neal Pritchard, Executive Director, Moneypilot – Welcome Aboard!

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