Bucks BS to segment broker panel based on business volume and type
Buckinghamshire Building Society will segment and target brokers depending on the volume and type of business they bring to the mutual.
The lender said this data driven approach will allow it to communicate with its broker network across England and Wales in a more specific manner. It will also enable it to “reward and recognise” the brokers who complete the most cases with them.
The three categories are platinum, gold and silver.
Brokers in the platinum category will gain access to benefits such as VIP decision in principles, meaning these applications will be fast tracked. Brokers will also have dedicated access to key account managers and underwriters, exclusive offers, limited edition products and get invites to events held by Buckinghamshire Building Society.
The mutual will establish a two-way communication channel with platinum brokers which it hopes will give it the feedback and knowledge it needs to improve service across its entire intermediary network.
It will also work with brokers in the gold and silver segments to work out how it can help with potential cases and progress them up the rankings.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “This segmentation model has been a passion project of mine since joining the society in 2020 so it is amazing to see it come to life. The idea that we use data driven insights to help us develop a product offering and reward our most loyal brokers is something I am excited to see evolve and develop over time.
“By understanding more about who our brokers are, the types of cases they bring to us as a society and what their needs are, opens up a conversation and enables us to respond to those needs in terms of service offering and product development.”
She added: “We are working hard to keep the offering compelling in a phased approach and we are confident the benefits of this initiative will be mutually beneficial to us as a society, our full broker network and their clients.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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