Guest blog: Hinckley & Rugby Building Society partners with PEXA to deliver innovation through collaboration

Guest blog by Colin Fyfe, CEO of Hinckley & Rugby Building Society. First published in Society Matters.

Guest blog by Colin Fyfe, CEO of Hinckley & Rugby Building Society. First published in the Autumn edition of Society Matters magazine.

We all recognise the speed at which the financial services sector is changing, with the introduction of new entrants in the market, advancing technology and continuous development of new digital solutions and propositions.

This coupled with growing expectations from consumers who have become accustomed to having access to new products and services at a time and place that suits them and by using simple and efficient methods of engagement.

As a mutual society, we exist for the benefit of our members, but we can’t concentrate solely on serving existing members; we need to constantly attract and retain new members to remain competitive and relevant.  Consequently, we must ensure we have products, services, communications, and delivery channels which meet the needs of all existing and future members. Creating a Society which is sustainable for the future and  continues to cater for changing member needs and expectations also necessitates us to increase efficiencies within our internal operations to align with serving our members better.

As a smaller organisation, we don’t have the resources and investment that are required to constantly develop and deliver new financial technology solutions and propositions in a rapidly changing environment, but innovation is vital to us, and our strategic focus is being built on developing ‘innovation through collaboration’. By working alongside key Fintech partners who are digitally focused and forwardthinking, combined with our own internal expertise and experience, we can support these organisations in bringing their technology solutions and propositions to market, creating a modernised and more efficient way of working, which is beneficial not just for Hinckley & Rugby, but the wider industry and most importantly, creating a more positive member experience.

We have already demonstrated our commitment to collaborating with Fintech partners, such as Festina Finance, Twenty7tec and Hellios Information Ltd (FSQS) and supporting the development and launch of their financial technology platforms. Our most recent partnership has been with PEXA which is a great example of how we have been able to work collaboratively to help deliver their pioneering property exchange platform to the UK, following its huge success in the Australian market.

Our staff have been working with PEXA on the design, testing and implementation of the PEXA Platform and we were honoured to be the first UK lender to process a PEXA transaction and to settle the re-mortgage funds via the new PEXA Pay scheme earlier this month.

PEXA’s proposition of a streamlined, digitalised mortgaging process provided the perfect opportunity for us to showcase our dedication to delivering the best possible service we can for our members. The implementation of the new platform, starting with re-mortgages now and the launch of Sale & Purchase due in 2024, provides many benefits to members, lenders and conveyancers with improved efficiency, increased resiliency, cost savings and the removal of potential delays associated with waiting times, as anyone holding their breath
for keys on moving day will know only too well!

Partnerships with PEXA, and other Fintechs which are aiming to transform the industry through digitalisation, also provide the Society with an opportunity to push forward in our campaign to becoming net zero. The  prospect of an increasingly digital workplace, paperless processes and member communications strengthens our continued commitment to being an environmentally responsible business and to challenge the climate change crisis by improving our carbon management and energy efficient habits.

The views, opinions and positions expressed within guest blogs are those of the authors and do not necessarily represent those of the BSA.