How Dudley Building Society is building on 'positive momentum'

The Dudley has published its annual report in which revealed a strong performance across the board, providing a positive set of results for customers as it 'continues to grow its trusted local service'.

Chief Executive Officer James Paterson reflected on the impressive year of growth and said the business remains committed to opening more branches, with Bridgnorth a main target.

"The plan is to keep growing the society for customers, members and our people," said Mr Paterson. "Our aim has always been to help our members live better lives.

"We have been putting the strong foundations in place for that over the last 12 months, making sure we are supporting our members and their families.

"We are confident our strategy, in difficult times for people, is the right one and, looking forward, we want to continue to grow a trusted local service.

"We are going to invest and are actively seeking new locations. Bridgnorth is somewhere we are focused on."

"Customer research has suggested the need for a face-to-face service in other areas as well and so we might pilot a scheme ein further areas, where we offer the services of a branch in different locations, in the heart of the community.

"We want to be part of people's lives and accessible and convenient – not a remote service or mobile one but in the community."

In the last 12 months, the Society achieved the milestone of looking after over £1 billion of savings and mortgages, achieving 17 per cent growth in total assets.

It was in sharp contrast to new UK mortgage lending in the UK falling in the year by 30 per cent with growth in UK savings balances falling by 50 per cent.

"It shows we are a significantly fast-growing business now in the heart of the Black Country," added Mr Paterson.

He said savings balances had grown by a record 24 per cent during the year and said: "Most savers in the UK have placed their money in instant access accounts, where the average rate according to the Bank of England is 2.80 per cent as of the end of March.

"Our average instant access savings rate compares strongly at 3.75 per cent. Our average savings rate is 4.22 per cent, We continue to ensure that if members do need to access their savings during these difficult times, we have put in place the support for our people to help them to do so, even if the terms of their savings account may not usually allow for this."

The Society's annual report highlighted its Net Promoter Score now stands at 93 which is an exceptionally high level of satisfaction and loyalty. This suggests almost all members are highly satisfied and are likely to recommend the Society to their friends, family or colleagues.

"The evidence of our customer-led approach has been recognised by Smart Money People, who shortlisted the Society for Best Building Society and Best Building Society for Savings," Mr Paterson added. "We have also been nominated for Best Small Lender at the Legal and General Mortgage Awards. These nominations demonstrate our ongoing commitment to customer experience."

Mr Paterson said The Dudley has also reiterated its commitment for two per cent of profits being donated to charitable causes through its Community Support Fund which is now in its third year.

The total donated has now reached £60,000 and Mr Paterson said: "We are actively given back into the Black Country."

The Dudley has also been working towards the aim of being the first regional building society to be accredited as a B Corp.

"As part of this we have been assessed on our entire social and environmental impact across a number of measures ensuring we meet high standards of performance, accountability and transparency," he said. "These standards are constantly improved and updated to ensure that the Society keeps up to date with the best practices.

The Dudley Building Society was also awarded Great Place to Work certification for the first time.

The award is part of the Great Place to Work global recognition programme aimed at creating a positive workplace culture.

The mutual received impressive feedback from its employees about its culture as part of the accreditation process.

More than eight in 10 employees (83 per cent) said Dudley Building Society was a great place to work, significantly higher than the 54 per cent of employees at average UK-based businesses.

Mr Paterson concluded that he was looking forward to building on the year's successes.

"There are a lot of people who are looking for a local financial institution ready to support them and that's what we are going to do," he said.