Student Loans Company invests in major IT transformation programme with HCL

Student Loans Company (SLC) has announced its investment in a major IT transformation programme with HCL Great Britain Ltd. (HCL) to advance its lending and payments services for its rapidly growing customer base. This significant programme will provide an automated, secure and streamlined customer experience across multiple channels, including digital.

HCL will work with Deloitte and Misys on the core systems replacement programme. It will lead the programme as prime systems integration partner with support from Deloitte as an implementation partner and Misys providing the core banking software (BankFusion).

To cater for the expanding student loans service and increasing volume of loans, SLC needs to invest in building a new IT platform to support all future business needs. Last year SLC supported 1.34 million customers, paying out £6 billion in maintenance loans and grants, and £4 billion in tuition fees. In partnership with HMRC, payments of £1.7 billion were also collected.

Mick Laverty, Chief Executive Officer, Student Loans Company said: "This major investment forms part of a wider business transformation programme and is part of SLC's long-term strategy to improve and simplify the student finance system, as well as expand our services in the future. It is a significant milestone towards achieving our vision of becoming a digital, customer-focused centre of excellence."

Rahul Singh, President, Financial Services, HCL said: "We are pleased to partner with Deloitte and Misys in delivering a world-class transformation programme at the Student Loans Company. The UK is an important geography for HCL, our successful track record and strong systems integration capabilities will empower SLC to best manage increasing customer volumes whilst ensuring maximum service availability. This strategic initiative will enable SLC to become more customer-focused, ensuring it can deliver the very best service across multiple channels, endeavouring to address the Government's "Digital by Default" agenda."

"We are delighted to be working with HCL and Misys to support the SLC to respond to the increasingly complex and demanding policy and delivery environment for student finance across the UK," says Julie Mercer, the Head of Deloitte's Education Practice. "Over the last few years Deloitte has worked closely with the Higher Education sector supporting implementation of the Higher Education reforms. This transformation programme at SLC has provided Deloitte with the unique opportunity to bring together our expertise in both the education and banking sectors and to play a critical role working with the SLC to better respond to the changing future requirements and expectations of students and stakeholders."

"We are proud that Misys has been selected as the technology partner to drive the Student Loans Company's transformation journey," states Nadeem Syed, Chief Executive Officer, Misys. "We look forward to working with HCL and Deloitte to deliver SLC's vision of delivering a scalable, modern core banking and payments infrastructure with the flexibility to meet the digital demands of students and its other stakeholders in the future."

HCL has extensive experience of successful delivery in the UK Public services and Financial services sectors. HCL's unique capability encompasses complex core banking and public services programme across consulting, systems integration, product engineering and support services.

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.1442.45 as compared to the previous close of Rs. 1484.15. The total number of shares traded during the day was 57061 in over 4020 trades.

The stock hit an intraday high of Rs. 1488.2 and intraday low of 1438. The net turnover during the day was Rs. 82887529.

Source : Equity Bulls

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