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Leeds BS to invest heavily in broker technology this year

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  • 24/02/2016
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Leeds BS to invest heavily in broker technology this year
Leeds Building Society plans to overhaul its technology process for advisers this year, with an eye on investing in its direct to consumer proposition later in 2016.

As Leeds posted ‘record’ results for 2015, its CEO Peter Hill (pictured) said its priority for technology was changing the adviser system and noted that the society was also exploring the model of retention fees for brokers advising borrowers to stay with the lender.

Hill said: “About 10% of all of our new business comes direct, so 90% is through the intermediary market and we have got some technology investments that we’re working on right now, but we’re prioritising the broker experience.

“We’re having a complete review of how we handle cases right from first enquiry, decision in principle and all the way through to completion, working our way through the entire process,” he said.

Hill also confirmed that retention fees for brokers was something they were ‘thinking about’ but that there was some way to go until Leeds was ready to finalised its stance.

In its annual results for 2015, Leeds posted gross mortgage lending of £3.1bn, up from £2.7bn a year earlier – a 15% increase.

Operating profit at the society rose by 34% to reach £108.5m against £80.9m in 2014.

Hill added that the lender’s mortgage market share had increased above its natural level over the past five years.

“Our natural market share is 0.8% but we’re actually doing about 1.5% at the moment, and we’ve been operating at that level for the last five years.

“Meeting the ever-changing needs of members drives our innovation and we remain focused on helping more borrowers, including those who are not well served by the wider market, as part of increased lending across a balanced product range,” he added.

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