Launched in October 1998, Egg plc has over 3 million customers and is the world's largest pure online bank.
Egg offers banking, insurance, investment and mortgage services 24 hours a day, 7 days a week, having recognised and harnessed the benefits of business via the Internet. As one of the first organisations to offer financial services via the Internet, Egg has captured the needs of all types of consumers by creating a service that is accessible to all people at all times by different channels.
Background to the payments process
Egg's customers make in excess of 2.5 million debit card payments annually through its internet banking site in order to credit their savings loan and credit card accounts. However, Egg discovered that around 14% of these payments were failing within the card authorisation software due to customers providing invalid details. This was resulting in complaints and increased calls to Egg's contact centre as customers were unable to make payments.
Product selection and implementation
Egg identified a need for a solution that would validate debit card details at the point they are first entered into their internet banking site to enable errors to be rectified immediately.
Egg was already using a number of validation products from Experian in other areas of their business and this, coupled with a strong working relationship between the two organisations, prompted Egg to contact Experian for help and advice on sourcing a suitable solution.
Following a discussion with an Experian consultant, Egg selected Bank Wizard for Card Payments to address the problem of invalid card details. The solution was selected due to its powerful Application Programming Interface (API) enabling it to be easily embedded within existing applications and allowing card details to be checked as they are keyed-in.
Bank Wizard for Card Payments was implemented throughout the organisation to handle the servicing of card and savings accounts via phone and web transactions. The software validates debit card details at the point they are provided by the customer, ensuring the right information is captured up front and prior to processing and authorising the transaction.
Benefits through implementation
Since the implementation of Bank Wizard for Card Payments, Egg has seen debit card failure rates reduce significantly from 14% to around just 2% to 3%. This has resulted in substantial cost savings, due to the elimination of administration costs associated with rectifying invalid details, and a significant improvement in the level of customer service offered by Egg.
"Bank Wizard for Card Payments has significantly improved the quality of service we are able to offer our customers and we are now confident that the details we capture within our systems are correct prior to processing and authorising any transactions. In addition, the substantial reduction in errors has resulted in significant savings for Egg and I am delighted"
Technology Operations Director