National Savings reflects transformation with new name and corporate identity

The trigger to the programme was acquiring the status of Government Agency, encouraging a more commercial and customer orientated focus. In April 1999, a major partnership agreement took effect with Siemens Business Services (SBS), leaving the Agency itself only directly employing 120 staff.

The Agency remains fully responsible for the business and works closely with its partners, principally SBS and Post Office Limited, to deliver products and services to the largest customer base of any UK financial services organisation.

To reflect the new reality, the brand name is being changed to National Savings and Investments (NS&I) and a new corporate identity introduced.

The business transformation has included:

• managing the largest outsourcing in the civil service or in UK financial services, with over 4,000 people transferred to Siemens Business Services (SBS) on 1 April 1999
• major investment in moving from separate site and product based legacy systems and processes, to new common data driven systems and processes built around the customer
• building two new customer call centres
• introducing governance changes, with a majority of non-executive directors on the Agency Board and an independent chair
• creating a more flexible and capable business, able to react faster to market opportunities

For customers, the benefits of the transformation programme include:

• improved customer access with single number telephone service 24 hours a day, seven days a week (0845 964 5000)
• six savings and investment products can now be purchased over the phone
• a new website (to be launched soon) will allow savings and investments currently available by phone to be purchased via the internet
• faster customer response times
• introduction of new products and shorter investment terms to provide increased choice
• launch of a free tracing service to help customers find forgotten accounts
• launch of a Customer Code, which sets out the standards of good practice customers can expect to receive

Further developments and enhancements are in the pipeline and will be announced when they become available.

Ruth Kelly, Economic Secretary to the Treasury commented:

"The transformed National Savings and Investments is an organisation with a proud past and one which has a very clear role for savers and investors today and in the future. All of their savings and investments offer 100% security to customers.

"The evolution of the business continues with today's announcement and marks a positive change for the organisation, from one which was essentially product focused, to one which is now very much customer focused in everything it does."

Peter Bareau CBE, Chief Executive said:

"The enhancement to the name National Savings and Investments is a direct result of the transformation the business has undergone over the last three years. Customers now benefit from our updated systems, call centres, product portfolio and improved literature. Throughout, we have retained and applied our key values of security, straightforwardness and integrity delivered with a human touch, which still form the essence of National Savings and Investments."

"Our new name and identity is a message to our customers to show that we have undergone a significant and fundamental change. We want to continue to offer personal savers and investors simple, 100% secure, straightforward and valued products which form part of the bedrock of a sound savings and investment portfolio - with access through the 24 hour, 7 days a week phone service, internet and the Post Office network."

The new corporate identity has been extensively researched and tested with existing and potential customers. They welcomed the changes to the business and the need to reflect the modernisation in a new identity. The enhanced name was considered relevant whilst retaining a sense of familiarity with the heritage and security it is known for.

The use of the conker icon was well received as it supported renewal, security and growth.

The crown icon continues to be used as an endorsement of our security and will appear in communications to remind customers that National Savings and Investments continues to be backed by HM Treasury.

Notes to editors

1. Annex 1 gives further details of the transformation story to date.
2. The new logo, a selection of pictures and examples of product brochures are available on request.
3. The brand identity and name will be rolled out in a phased programme of activity. A customer leaflet explaining the change to the name will be available in Post Office branches from 11 February. The first of the new look product brochures will be available in Post Office branches from 18 February. The new website will be launched soon.
4. National Savings and Investments competes primarily with the major high street banks and building societies and is unique in providing 100% security, unrivalled access and consistently fair returns throughout its product range.
5. National Savings and Investments will continue to be backed by the Treasury and therefore continues to be 100% secure. As such, it continues to form the bedrock of people's savings and investment portfolios.
6. The organisation's key aim is to help reduce the cost to the taxpayer of government borrowing now and in the future. To achieve this, the business vision is "to be a distinct and valued part of people's savings and investments" and to be "an integral and valued component of national debt management".
7. With £62 billion of liabilities to customers, it finances around 20% of the national debt and accounts for just under 10% of the cash-based deposit market.
8. Key spokespeople, Peter Bareau CBE, the CEO, and Gill Cattanach, Commercial Director, are available for interviews

Annex 1 - the transformation

National Savings and Investments has undergone one of the biggest transformation programmes in the financial services industry, which is bringing major benefits to customers and to the business.

The programme started just over three years ago and some of the major benefits to date are:

New products

• three new products and more flexible terms on existing products new - cash mini and Tessa Individual Savings Accounts / Fixed Rate Savings Bonds new investment terms - Pensioners Bonds (1-year and 2-year) / Index-linked and Fixed Interest Savings Certificates (2-year)
• enhancing, modernising and rationalising of some of the existing products
• on-going development of new products that will complement the existing customer offer

More convenient access

• Single 24 hour, seven days a week phone service to deal with customer inquiries (0845 964 5000)
• staff aiming to answer customer calls within 10 seconds
• two new purpose-built call centres

Better customer service

• correspondence response times have dropped from an average of 7 to an average of 4 days
• customers now benefit from more personalised communications
• more customer choice, with more products now available by phone (Individual Savings Accounts, Fixed Rate Savings Bonds, Pensioners Bonds, Income Bonds and the two Savings Certificates can now be bought by phone)
• customers have faster access to their money with repayments being made directly to bank accounts on many products
• major improvements to behind-the-scenes management, planning and marketing automation processes through a datawarehouse

Massive updating of systems and linking processes behind the scenes

• integrated systems, processes and management resulting in a major improvement in customer service and operational efficiency
• makes it easier for new product development

Wider choice of payment method for customers for many products

• through telephone (via debit card) and BACS (for repayments), in addition to the Post Office network

A change to the name

• from National Savings to National Savings and Investments
• new product literature and stationery will use the name 'National Savings and Investments' in a new design and typeface

New product literature in fresh and modern, customer-friendly designs

• all brochures have been written in plain language
• each product will have its own colour and icon for instant recognition
• the new web site takes advantage of the new corporate image, making it easier for customers to quickly find information

Benefits that are still to come include:

• New web site simple to understand and easier navigation around the site
• with easier access to information, the entire process is faster and more accessible
• new expanded applications offering extra services to customers
• development of sales via the internet