The app enables customers to view their mortgage account details and will add interactive features shortly including, switching a mortgage at end of term, making ad hoc payments and managing the redemption process.
It will also allow customers to view up to date account information wherever they are with options to update personal details and transfer money.
The app has biometric or passcode authentication and was developed by retail finance technology specialist DPR.
Trevor Tannenbaum, head of IT at The Cambridge Building Society, said: “With customers able to do simple account administration through the app, our frontline staff will have more time to help customers who need advice with their mortgages or savings. This is a great way for technology to support personal service rather than being a replacement for face to face interaction.”
Dave Patel, director at DPR said: “Having worked with them [The Cambridge Building Society] for many years, we are committed to continue supporting their transition by developing their customer self-service offerings.”
£3m investment
The Cambridge money app is currently available for download in the App Store for customers who have registered for online access or have an e-account. An android version is due for release in the autumn.
Speaking last year when the £3m investment in IT was announced, chief executive Stephen Mitcham, said: “Today’s announcement marks the start of a very important time in The Cambridge’s long history. We’ve been adapting to member needs for over 160 years and we need to continue to do the same now.”
He added: “The main reason we’re here is to help people save and buy homes and this is what we’ll continue to concentrate on. We’re not a bank, and nor do we offer banking services, but that doesn’t mean that we won’t innovate and invest in both digital and face to face services to meet the high expectations of our members.”
