"Giving customers options to manage their accounts, whether via the phone or online, ensures customer experiences remain a bedrock of the later-life lending space."
- Simon Hayton - Pure Retirement
Pure Retirement has reported that its online account management platform, MyPure, now has over 11,000 registered users, which it claims highlights the value of digital or remote services for customers.
The lender has also seen a 28% annual rise in the number of ad hoc optional repayments and a 27% annual increase in the number of cash release applications, being lodged directly through MyPure.
The MyPure platform enables customers to self-manage a number of elements of their lifetime mortgages alongside continued access to the office-based customer account servicing team.
MyPure enables the lender’s customers to directly apply for cash releases, make ad hoc optional repayments, and set up direct debits and standing orders. Customers can also view their accounts, including both balances and transactions, download documents such as annual statements, and be notified when new documents become available.
The platform aims to support the lender’s commitment to meeting Consumer Duty outcomes, particularly in consumer support, which mentions the need to ‘provide clients with self-service tools like online portals or mobile apps to manage their accounts and seek support.’
Simon Hayton, managing director, Pure Retirement, said: "We’re pleased to see customers not only registering for MyPure, but also making use of its features to effectively self-manage aspects of their account. The increase in activity levels underlines the inherent value in this service offering, and we’re proud to continue to be the only lender in the space offering this option to consumers.
"Giving customers options to manage their accounts, whether via the phone or online, ensures customer experiences remain a bedrock of the later life lending space as it seeks to become a mainstream financial solution for over-55s, and we’re pleased to be able to provide the sort of tools that people have come to expect from household name financial providers."
