The performance of Swansea Building Society’s new, flagship, branch, which opened in Swansea city centre in January 2019, has exceeded all expectations in its first year of trading.
The new branch, on Portland Street, was opened to complement the Society’s head office on Craddock Street and offer customers a more central location to visit the building society. It was hoped it would generate new customers and growth.
This has proved to be the case. Some 1,422 new savings accounts with balances of £21.5 million were opened through the new branch in 2019. Of these, 1,236 were brand new savings customers generating balances of some £19.2 million.
Mortgage balances also enjoyed a positive uplift: some £19.2 million of net mortgage balances were lent in the SA1 and SA4 to SA13 post code areas covered by the new Portland Street branch in 2019.
Jane Parker, branch manager, said: “This represents an excellent performance which positively rewards the Board’s investment in the new premises. We are all extremely proud of the new branch which offers instant access savings accounts and a personal approach to mortgage lending with its focus on niche mortgage products.
“It also confirms there is truth in the old adage: location, location, location. We are thrilled to be located in the heart of the financial district of the city centre and our achievement to date showcases the fact that the Society’s personable, face-to-face business model truly works. Our main focus is to serve the community in a traditional manner. As such, we offer tailor made mortgage products to benefit customers who may find it difficult to be accommodated by other High Street Lenders.”
The new branch is very accessible with members of the public are encouraged to come and speak to the staff without a pre-arranged appointment.
Parker added: “People call in to our smart, friendly environment which offers enhanced facilities for the disabled and a variety of bright, airy, meeting rooms for increased privacy which is definitely appreciated by customers both old and new. The branch has helped improve brand awareness and creates a significantly positive impression compared to some of other city centre empty and deteriorating high street buildings.”
Swansea Building Society’s continued emphasis on the community has been further enhanced by its recent three-year partnership sponsorship with Swansea City Football Club. “We feel we are firmly set on a positive path for continued growth and prosperity,” Parker said.