This forms part of the strategic alliance agreed between the two companies at the end of 2002.
As well as enabling Bankhall’s 6,000 IFAs to maintain high levels of customer service, the agreement is designed to deliver significant cost savings to the industry as it effectively reduces the number of quotation and new business services that product providers have to support.
There will be a brief transition period during which The Exchange’s services will operate alongside Bankhall’s existing proposition. This will ensure there is no disruption to the business process of IFAs using Bankhall’s existing services and will give them time to explore The Exchange’s service offering.
This is the second initiative resulting from the strategic alliance between the two companies. Bankhall’s compliance and support package was the first service to be made available via The Exchange’s compliance centre that was launched on the Exweb portal in May.
David Child, chief operating officer at The Exchange, comments:
“This agreement is a win-win for the industry. Bankhall members will receive a more comprehensive quotation service and product providers have one fewer quotation service to support. It also will result in further growth in The Exchange’s quotation and new business volumes, underpinning The Exchange status as the leading portal provider.”
Nigel Hopwood, I.T. Director of Bankhall, comments:
“The integration of The Exchange’s comprehensive quotation service is an important step towards Bankhall’s I.T. vision of an end to end service for our members incorporating Compliance, Commissions and Policy Aggregation.”
