Chief Executive of Coventry Building Society has spoken of his vision for the future after
announcing the companys annual results.
Martin Ritchley admitted that he was delighted with the direction that Coventry
Building Society is currently taking but believes technology will play an increasing role
in its business.
"We already have a large call centre which deals with telephone business and we
have expanded this progressively over the last few years.
"We also have an Internet site but this is for information purposes only at the
"The evolution I am talking about is the telephone developing so that it is an
Internet operation enabling customers to be interactive so they can actually transact
through the Internet.
"Now there are a number of things that we must look closely at first and we have
to be very careful about security issues but we are investing in our research and
development so that we can embrace this new technology."
However, the building society boss was quick to point out that these new avenues would
not mean that they would be closing their branch offices.
"It is very important to point out that this is evolution and we appreciate that
many of our customers, particularly the older generation, will still want to do business
in the branch offices.
"We have 14 of these in Coventry alone and we will certainly not be removing that
option, all we are trying to do is give our customers the choice."
Richley also believes that building societies can take advantage of the Internet far
more than most businesses.
"Savings and mortgages are very much price driven and people want the best savings
around the best deals.
"The Internet will enable people to do direct price comparison and in my view that
will give us a tremendous edge."