National Savings and Investments - CCC Financial |
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The story of National Savings and Investments In 1861 the Palmerston Government set up the "Post Office Savings Bank" - a simple savings scheme aiming to encourage ordinary wage earners "to provide for themselves against adversity and ill health". The scheme quickly became very popular, and the deposits found their way from the Post Office to the Exchequer, providing a fund which the then Chancellor, Gladstone, could borrow for putting towards public spending. This set two principles which have remained in place ever since: to provide a totally secure place for people to save, backed by the Government to provide the Exchequer with a source of funding (ie public borrowing). Significant expansion over the next century included the introduction of Savings Certificates during the First World War to help finance the war effort, while Premium Bonds were officially launched on 1 November 1956 by Harold Macmillan, Chancellor of the Exchequer. The first draw took place on 2 June 1957. 1969 saw the first main structural change - the Post Office Savings Bank became a separate government department accountable to Treasury Ministers, and was renamed National Savings. The Post Office still have a role, but as a distribution outlet for National Savings products. Over the years National Savings developed its range of savings and investments to suit the market and meet the needs of customers and the UK Government's need for funding. On 1 July 1996 National Savings became an Executive Agency of the Chancellor of the Exchequer. While National Savings and Investments remain accountable to the Treasury, Agency status has given us greater autonomy in day-to-day management. National Savings embarked on an ambitious modernisation programme in April 1999 when it signed a pioneering Public Private Partnership with Siemens Business Services. Over 4,000 staff were transferred from National Savings to Siemens Business Services who now handle the service delivery of our products, transforming business operations such as call centres and upgrading information technology. The partnership has helped make Siemens Business Services one of the UK's largest providers of back and front office services, while National Savings gained access to leading-edge IT systems, transaction processing, and business transformation expertise. The partnership is for 10 years, with an option to renew for another five years. One of the most innovative elements of the partnership with Siemens Business Services is the creation of joint goals at all levels through both organisations. This has meant significant customer service improvements and cost efficiencies. National Savings and Investments has received many endorsements of its quality and service. In 2000, it received its second Charter Mark for Excellence in Public Service, and Kelly's Award for Excellence in Purchasing and Supply. Both awards recognised the benefits that our partnerships have brought internally and to the public. The new corporate identity of National Savings and Investments reflects a modernised business. The transformation programme is delivering a total change in systems, processes and culture to create the basis for a modern, dynamic business, allowing National Savings and Investments to be customer focussed not product focussed. Two new purpose-built call centres have been set up operating 7am until midnight, every day of the year. A one stop enquiry line is now available for all products, making it easier for customers to do business with us. Callers will speak to a customer service representative, not a machine. National Savings and Investments is constantly looking to expand consumer choice and create more ways for customers to do business with us. While the Post Office will continue to be a major distribution channel, customers now have greater choice of access - more products can now be bought over the telephone and via our web site. The clear focus of our work is to continue the transformation of National Savings and Investments. UK customers are already experiencing the increased choice and flexibility of an enhanced product range and better customer service. |
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