News & Views - Savantor

A year of change

Friday, 15 January 2010

A while ago we suggested that the recession might have a delayed impact on the credit card industry due to consumers using cards to pay large bills like rent and mortgages. Now a study by Shelter reveals that around one million of all UK households have turned to their credit cards in order to pay for housing costs (whether rent or mortgage) over the past 12 months. This was clearly triggered by the economic crisis and mostly affects individuals in working class professions. However families at the higher end of the income scale have also seen themselves forced to borrow money from their credit card accounts in order to keep up with housing costs.

We could also see further changes this year in the competition available in the UK as a new bank, called Walton & Co, could enter the UK market by the end of the year. Virgin Money has also agreed to buy the small regional private bank Church House Trust ahead of plans to develop a full retail service. Tesco is also making strides to develop a full service bank and the FSA is expected to shortly grant US entrepreneur Vernon Hill a license to launch privately-funded Metro Bank.

We also hear that the new Twitter like service Blippy has launched which will allow your credit card details to be published online so that followers on Twitter can look at what you are buying. I’m sure there must be someone who will find that really useful.

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Client Quotes

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

EMV Migration Planning

"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."

Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland

Acquirer Strategy and Operating Model

"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."

Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland

Credit Card Migration and Operational Support

"The bank has undergone significant transformation of its card business on both the issuing and acquiring sides. One business partner we have looked to for support in the areas of strategy, major project leadership, management analysis and ongoing business support is Savantor. The Savantor team has contributed to our success as we have leveraged their deep industry knowledge and broad range of operational skills."

Sean Sheehan, Service Management Director - Bank of Ireland

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Credit Risk Review for New Product Launch

"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."

Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

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