Tag: UK

New Royal Mail service to unite dormant account holders with savings

Posted by | Apr 13, 2007 | |

A new service developed by Royal Mail could help banks trace customers with dormant savings accounts.

A 60 per cent success rate is being claimed by the postal service for a technique which can locate account holders who have moved home but have neglected to inform their banks.

Royal Mail uses information gathered over the last 16 years from its Mail Redirection service to ascertain the whereabouts of lost customers, and the method has already completed a successful trial.

The announcement comes soon after the Commission of Unclaimed Assets confirmed it was to redouble its efforts to unite dormant account holders with their money.

“People moving home without telling their financial provider is one of the key reasons for an account or investment becoming dormant and our unique information on people who have moved home over the past 16 years helps us identify them,” said Leonora Corden, Royal Mail’s head of market development.

It is estimated that GBP15 billion is currently deposited in dormant bank accounts in the UK.

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Computerised Posties

Posted by | Apr 13, 2007 | |

The UK’s postmen and postwomen are having their rounds assessed – by a computer program called ‘Georoute’.

Georoute is routing software, designed to maximise efficiency of collection and delivery arrangements for postal operators. Royal Mail is using Georoute to help improve efficiency by ensuring that routes are well planned.

There are potential problems however. Some postal workers say that it will be used as a method of timing walks without taking into account varying weather conditions and indeed the working speed of any particular postie, let alone extras like recorded or special delivery items which take extra time. Some even claim that it can be as much as an hour out.

To be fair, Georoute isn’t human. It can only work with the information supplied to it and since it doesn’t actually do deliveries itself, it does lack that all imprtant human factor. One wonders if the expence of introducing it will make sufficient savings to make it worthwhile but clearly its difficult to allocate or change existing postal walks purely on a paper map.

Computers are extraordinarily good at working out complex calculations that would tax even Einstein but to be really accurate, the software needs set figures to work from. Variables can only create ‘averages’ at best. The concern for postal workers is that it will be used to create set time frames in which they are expected to carry out their duties, that doesn’t take into account the variables, and could mean they are not paid fairly.

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Fortec welcomes Prospect Commercials Ltd to the network

Posted by | Apr 12, 2007 | |

The company covers 85 pct of the Kent postcode area, including Maidstone, Chatham and Dover, with a staff of 25 and a fleet of 20 vans, eight 7.5 tonnes and three 18 tonnes vehicles.

The company has been operating for seven years, and has been a member of the Fortec network for two months.

The company’s original focus was on servicing the TNT operation in Kent, but after a strategic review Prospect Commercials made the decision to join a pallet network and chose the Fortec Pallet network.

Gary Monks, Director, Prospect Commercials commented on the new relationship: “After making the decision to become part of the Network, we had an intensive two weeks in which to get everything prepared, including the introduction of the Fortec systems, which thankfully are extremely user-friendly.

“In the brief two months since becoming a licensee, we have already formed a strong relationship. We can really notice things coming together – everyone at Prospect Commercials can see our company growing and we are very excited by the opportunities which the Fortec network provides.

“For example thanks to the Fortec sales team identifying new leads, we have added nine major new customers to our books in the last two weeks!

“Our experience has been very positive – nothing seems too much effort for the team at Fortec and their USP matches ours; providing a quality, customer orientated service and willing to go the extra mile when necessary. We are particularly interested in the opportunities provided by the Fortec International product which offers a daily departure service into Europe at competitive rates. I am sure this is going to prove very popular with our customers.

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TNT promises there will be no UK redundancies

Posted by | Apr 12, 2007 | |

TNT has moved quickly to reassure employees that it has no plans for redundancies in the UK after revealing heavy cutbacks in the Netherlands.

TNT Post in The Hague said last week that competition and declining volumes in the Dutch postal market mean it is forced to cut up to 7,000 jobs and freeze wages in an effort to lower costs.

It says the measures will not affect operations in the UK.

TNT Post employs 58,000 people in the Netherlands and processes 16,000 postal items each day, but it is losing mail to competitors and as a result of the switch to online services, including banking and electronic tax-filing.

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Royal Mail helps trace dormant account holders

Posted by | Apr 12, 2007 | |

Royal Mail has developed a solution to help banks and building societies proactively trace dormant account holders using more than 16 million records from its database of home movers.

Using data compiled from its Mail Redirection service over the past 16 years, Royal Mail has tested its dormant account tracing service with a number of financial companies, with a success rate of up to 60 per cent.

The Commission of Unclaimed Assets’ yesterday launched a comprehensive campaign to reunite owners of dormant accounts with their money. This follows the Economic Secretary’s proposal to release unclaimed capital from dormant accounts to a newly created social Investment Bank charged with stepping up the fight against poverty and social exclusion. There is currently an estimated GBP 15 billion in dormant accounts across the UK.

“Tracing lost customers isn’t just an opportunity for financial organisations to demonstrate that they are acting fairly and responsibly towards their customers, it also represents a business opportunity. It will give banks and building societies the opportunity to re-establish contact with customers and encourage them to reinvest the dormant funds or consider other products. The ‘feel good’ factor of reuniting a customer with money they may not be aware of has the potential to improve customer relationships with their financial providers.”

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