National Savings and Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer. It is one of the UK’s largest retail savings organisations with 25 million customers and more than £202 billion of funds under management, best known for Premium Bonds but also offering a wide range of other savings products. NS&I raises cost-effective financing for the Government, by offering a range of secure retail financial savings products, as an alternative to raising funds on the wholesale market.
NS&I’s core services are currently provided by Atos IT Services UK Limited, which manages sales processing and customer servicing, in addition to IT and infrastructure services. This contract will end on 31st March 2024, and NS&I is embarking on a significant programme of transformation for its outsourced services, called the Rainbow Programme.
This is the third procurement exercise in NS&I’s Rainbow programme and is divided into two lots. Lot 1 is the Customer Contact Centre and Operations contract. Lot 2 is the Core Banking, Payments and Reporting contract.
Lot 1 (Customer Contact and Operations) will deliver and integrate front-office (contact centre) services to support digital self-service transactions, requests, queries and complaints, through webchat, messaging and telephony. The supplier shall also deliver back-office services to manage and process non-digital customer interactions through telephony and post, and support vulnerable and digitally excluded customers.
Please note the total contract value is made up of two parts. The committed and approved spend to deliver the core requirements for this service totalling £208,000,000 and an additional allowance for potential future B2B services which may be delivered utilising the same capabilities in future totalling £67,800,000 which require additional approvals.
By way of background, NS&I provides services to other government departments via B2B offer, called Government Payment Services (GPS). NS&I GPS offers modern, secure and competitive banking and payments services to all government departments, agencies and public sector organisations. Current B2B services include Help to Buy, Help to Save, 30 Hours of Childcare, Tax Free Childcare and Court Funds Office. There is potential for B2B services to be delivered through this contract in future, hence the additional allowance.
Lot 2 (Core Banking, Payments and Reporting) will deliver and integrate core-banking services and systems of record, including: customer accounts and account lifecycle management; pooled accounts; payment verification and transaction processing; interest calculations and capitalisation; statement generation; product development and lifecycle management; general ledger, and product accounting; fraud detection and monitoring; account and customer management information and reporting; and Open Banking.
Lot 2 will support customer management including: customer onboarding and lifecycle management; customer data management and retention. Support for data and insight capability including data warehouse, system integration, ETL, query and reporting tools.
Lot 2 also delivers support for NS&I’s prize winning savings products, including bond number allocation and prize draws and will also be responsible for migration and management of customer, account, and other data from legacy systems.
NS&I provides services to other government departments via B2B offer, called Government Payment Services (GPS). NS&I Please note the total contract value is made up of two parts. The committed and approved spend to deliver the core requirements for this service totalling £291,800,000 and an additional allowance for potential future B2B services which may be delivered utilising the same capabilities in future totalling £188,500,000 which require additional approvals.
By way of background, NS&I provides services to other government departments via B2B offer, called Government Payment Services (GPS). NS&I GPS offers modern, secure and competitive banking and payments services to all government departments, agencies and public sector organisations. Current B2B services include Help to Buy, Help to Save, 30 Hours of Childcare, Tax Free Childcare and Court Funds Office. There is potential for B2B services to be delivered through this contract in future, hence the additional allowance.