Intermediary satisfaction increases amid strong 2020 results
31 March 2021 • Corporate
Despite challenges presented by the pandemic and subsequent economic impact, 2020 saw The Cambridge Building Society increase their Intermediary satisfaction levels in many areas and maintain their strong financial position.
Their growing community of over 2,800 intermediaries have been at the forefront of mind during 2020. To support them effectively during the pandemic, the Society made significant changes to operational activities and processes. Reassuringly, the changes implemented did not have an impact on the service provided with satisfaction feedback scores increasing when compared with previous years.
2020 started with The Cambridge expanding their lending proposition from the East of England to all of England and Wales. This strategic move happened days before the series of Bank Rate reductions and a month prior to the housing market halting due to the pandemic. Despite these challenges The Cambridge has been able react skilfully; introducing a digital valuation model within weeks and extending offer periods to mitigate delays elsewhere in the process. This unwavering effort to be there for their Intermediary partners and their customers has resulted in £241million of new mortgage lending and mortgage book growth of 2%.
Carole Charter, Chief Commercial Officer at The Cambridge comments: ‘Our teams have worked exceptionally hard to continuously deliver for our Intermediaries during this unprecedented period. Despite the challenges they’ve been able to increase satisfaction and deliver enhancements to our proposition. It’s evident that our teams are absolutely in tune with the needs of our Intermediary partners and how integral they are to our success.’
The Cambridge are also proud to announce a strong set of financial results despite challenging economic conditions. The Cambridge has achieved pre-tax profit £4.8 million.
Richard Brockbank, Chief Financial Officer at The Cambridge says: ‘I’m delighted by our strong set of financial results considering the challenging year we’ve all had. Maintaining long-term financial stability is incredibly important, and by delivering success in this area we’re truly a thriving, independent, mutual Society.’