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Mortgage provider Morses Club said in a business update that despite the current Covid crisis, the group has had an “encouraging start for the [new financial] year ”with“ a constant increase in customer demand ”on all of its products, both the home credit (HCC) and digital a.
He noted that in the first quarter of fiscal 22 and following a decline in revenues last year, the number of clients under its digital operations on short and long term loans increased by 40% and the total loan portfolio almost doubled (up 99%) from its position at the end of the previous year.
As a result, the company said its new credit issued was a third above management’s budgeted plans and collections were also 4% above budget and 118% above same period last year. .
Paul Smith, general manager of the Walrus Club, said: “Despite the continued impact of the pandemic, the business performance of all of our loan products was very strong in the first quarter of FY22.”
He added that the “encouraging start to the year” was the result of an “exceptional delivery” from all teams and agents at the Leeds-based company.
Looking to the future, the Group intends to continue its momentum by focusing “relentlessly” on Smith said “to become a leading provider of financial products and services to our target customers”.
The company continued to improve its technology infrastructure to meet customer needs and, due to the pandemic, two-thirds of HCC’s loans became cashless, with more than 70% of customers registered on a customer portal in line.
Smith added: “The success of reshaping our services to meet customer needs in the context of the Covid-19 pandemic has made us all the more determined to become the industry leader in terms of responding to customer demand. .
“The importance of a technology-driven offering has never been clearer. Our investment and willingness to ensure that our service model adapts to changing customer needs, while maintaining our core philosophy of putting the customer at the heart of what we do, are at the heart of our success as a Group. .