Brendan Burgess
Founder
- Messages
- 53,409
I was thinking the same - it would indicate that some have direct sales channels?Very interesting that 95% of Non-Bank loans are through brokers. Is that the model they operate or do you go directly to Avant, etc for a mortgage?
My parents have literally used Bank of Ireland their whole adult lives for everything: current accounts, savings accounts, cheque books, mortgage, loans, credit cards.Are we going back to the old days when banks were for banking and "building societies" were for mortgages?
That's what people did in the past - they held current accounts in a bank, went to a building society for their mortgages, and they put savings into the credit union. The bundling of services wasn't the norm until the 1990s, and its time has been brief.My parents have literally used Bank of Ireland their whole adult lives for everything: current accounts, savings accounts, cheque books, mortgage, loans, credit cards.
Those days are over though and banking is unbundling.
In future people will for example use Revolut for a current account, a bank for a savings account, Apple Pay for payments, and a non-bank like Avant for a mortgage.
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