Nemo Personal Finance out sources IT to Target

Principality subsidiary implements Target system for customer and account management

Nemo Personal Finance, a secured loans company launched in February 2005 by the Principality Building Society, has selected Target, a provider of software solutions and managed services to the financial services sector, for the complete management of its IT system.

As part of the agreement, Nemo has implemented a suite of Target solutions to manage the entire customer loan servicing process. The Target system will help automate the work involved in processing a loan application from initial customer query through to completion, and on to full administration.

Phil Jones, Joint Managing Director, Nemo Personal Finance, said: “Nemo has grown rapidly since we launched in February, and we wanted an IT solution that would span all business areas and add value. We knew that implementing efficient business processes at the beginning would help us to make an impact in a competitive environment, but we also needed a solution that would fit our business expansion needs.”

“We chose Target because of the flexibility that it provided through its partnership approach to providing IT. It also meant that we were able to fully integrate the front office system with the back office. Through this, we have implemented a compliant, future-proof and innovative system that has already grown and will continue to grow with the company.”

Nemo’s business to-date has been mainly sourced through finance brokers. October saw the launch of it’s Direct marketing campaign, including a new TV advert with distinctive branding and straightforward language in keeping with Nemo’s strapline – “Why complicate things?”.

With both a Direct and Broker operation, the multi-faceted structure of the company meant that it was looking for an IT solution that would be cost-effective but also allow value to be added to the different business areas by tailoring the functionality.

Grant Hawkins, Chairman and CEO, Target, commented: “The Target system has provided Nemo Personal Finance with a tailored solution whereby standardised processes can be developed and implemented to manage customer acquisition, customer accounts management and lender relationships. The scaleability of the system means that it will grow with the company and adapt to the ever-changing size and demands of the business."