Pure Retirement has seen its first 1,000 customers register and interact with its online account management platform, MyPure, in under five months.
The lifetime mortgage lender said this figure has been achieved despite a “measured, limited and deliberately staggered” customer communication programme designed to gauge consumer appetite and ensure platform stability.
Additionally, the majority of MyPure registrants have been joint lives plan holders, meaning that total customer engagement sits at over 1,700.
Launched last year, the MyPure platform enables customers to self-manage a number of key elements of their lifetime mortgages. Offering a further support avenue in addition to continued access to the office-based customer account servicing team, the platform brings the later life lending sector in line with mainstream financial areas such as high street banking and insurance.
The platform enables the lender’s customers to view their accounts, both balances and transactions, and to download documents such as annual statements. Additionally, customers will be notified when new documents become available, and have the ability to complete their Certificate of Continuing Occupancy online.
Customers with drawdown plans are able to apply for a cash release online, vastly streamlining the process compared to postal methods, and additional queries will also be reduced as applicants are guided throughout the journey to ensure all necessary information is captured. Ad-hoc payments can be made via MyPure as an added convenience for plan holders, with the platform also enabling the set-up of recurring regular payments if customers so wish. MyPure additionally allows customers to send queries directly to Pure Retirement via the platform, as well as providing a library of useful documents, guides and FAQs.
Since the platform’s launch last October, registered users have been utilising MyPure’s features, with key headline figures including:
- 410 Certificates of Continued Occupancy completed
- 161 Cash Release applications submitted
- 44 one-off optional repayments made
- 32 direct debits arranged
Pure Retirement aims to use this initial phase as a springboard to more comprehensive customer engagement and promotion, with the aim of offering digital account management options to an increasing proportion of its customers.
Simon Hayton (pictured), chief operating officer, said: “It’s incredibly gratifying to see the MyPure platform really resonating with our customer base, and the number of registrations and interactions we’ve seen in such a short period of time.
“We created it in recognition of an increasingly diverse and tech-savvy demographic, with additional considerations around Consumer Duty, empowering customers and facilitating convenience.
“Seeing the take-up so far really validates our approach and affords us a really strong foundation on which to continue enhancing and developing MyPure going forward.”
