The pilot project with First Independent Direct Ltd to test remote mortgage broking was a success. The team demonstrated that a profitable mortgage broking business could be created using telephone and internet technology. They proved mortgages and other products could be brokered cost-effectively and a direct-only broker business could be profitable. The Principality Board is now considering investing in a broker business based on the knowledge gained.

1. Society News
03/08/2004 FID to
Page 1 of2
PRINCIPALITY
I am pleased to announce that the pilot project we have been undertaking with
First Independent Direct Ltd (FID) came to a successful conclusion on Monday
2nd of August. After a roller coaster ride, the team based in the Customer
Contact Centre have conclusively demonstrated that there is an opportunity to
create a profitable mortgage broking business using remote selling techniques.
As you may recall, the FID consumer experience is different from the usual
mortgage broker, in that it provides tailored advice using a telephone line and
an Internet browser simultaneously. Using the FID technology, we set out to
prove that we could: 1. cost effectively broker mortgage and ancillary products;
2. create a profitable, 'direct-only' broker business; and 3. train Principality staff
in whole-of-market broking.
The challenge was taken up by James Enos, Sarah Goode, Tracey Kirby and
Teresa Jones and I am pleased to say they successfully proved all of the above
points. Peter Griffiths and I are delighted with this outcome and extend our
thanks to the team for their flexibility, tenacity and sense of adventure.
Tracey has kindly agreed to help work through the existing pipeline of customer
leads and business over the next few weeks, but apart from that there will be a
much reduced presence in the Contact Centre as we wind the project up. The
Principality Board of Directors have indicated that they are minded to make an
investment in a broker business providing it met our investment criteria.
Therefore, we are currently using the knowledge and experience gained from
this project to assess such business investment opportunities.
Once again, many thanks to everybody involved in this project and
congratulations on a great performance!
Author Name: Robin Matthews
Author Position: Head of e-Commerce and Strategic Planning
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PO Box 89, Principality Buildings, Queen Street, Cardiff CF10 1UA. Chief Executive Peter L. Griffiths ACIB.
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