Rated 4.4 out of 5 by 5
Rated 5 out of 5 by JAMP444 test really long review
the wake of the banking crisis, members of the public could be forgiven for holding some in the financial industry in low regard. B&C sat down with Rob Lankey, Managing Director at Aldermore Commercial Mortgages, to find out how Aldermore sets itself apart in an industry which values integrity…
Working for a bank no longer has the kudos it once had.
If I let slip at a dinner party that I’m a senior manager of a bank, the reaction is much the same as if I had just announced I was on parole from prison (and I suspect that’s where most people believe bankers should be!)
Bankers have come to represent greed, exploitation and incompetence, while banks are seen as powerful corporations taking vulnerable clients to the cleaners and making fat profits at the same time. Many regard banks as not being like normal businesses; they perceive banks to have no real competition and to operate on indecently large margins.
Are their suppositions based, however, on truth or invention?
Some of it is true. The big six banks are, arguably, far too powerful and have a stranglehold over the market, which is unhealthy for businesses and the economy. There’s also no point pretending that banks have been good honest corporate citizens, because the events of the past decade tell a very different story.
But not all banks are the same.
The truth is that, as well as the small number of very large, powerful banks, there are also other smaller banks working hard to deliver a high quality and reliable service.
For these banks – of which Aldermore is one - life is very different. We don’t dominate markets: we have to compete for every piece of new business we win, which means that, first and foremost, we’re a business run by business people. Take a walk around any of our offices and you’ll immediately recognise an environment and way of working that will be familiar to thousands of business owners across the country. We put service first, understand the need to add value for our clients and we watch costs carefully.
For us, the bottom line matters. We don’t have a large legacy loan book which allows us to sit back and rake in profits without doing any work and, contrary to popular opinion, we don’t benefit from fat margins. I was recently talking to the MD of a manufacturing business at the 2012 Manufacturer of the Year Awards and asked him what net margin his business made; the answer was 7 per cent. Business banks like Aldermore typically make a much smaller net margin than this. We operate on surprisingly low margins - compared to most British businesses - which means we need to focus on service and generate high volumes of business in order to make good profits.
To do that, we have to employ expert staff and experienced senior managers who know how to get the best from our business and deliver straightforward products and a reliable service that benefits our clients.
It’s understandable that banks and bankers are not held in the highest regard at the moment - banks cannot simply sweep under the carpet all their misdeeds of the recent past - but neither is it fair to tar all banks with the same brush.
As with many things in life, there are examples of good and bad practices. The challenge for brokers is to understand which banks are run by savvy business people who will benefit their clients and which are finding it hard to shake off the bad practices of the past.
The banking sector is not as bad as some people
10 January 2013
Rated 3 out of 5 by test1 good product
edited - good product, does what it says on the tinzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
07 January 2013
Rated 5 out of 5 by testytest Excellent product
The best bank I've ever dealt with - incredible service
20 December 2012
Rated 4 out of 5 by Shilpy Brilliant product & service
top banana, I love aldermore, they really think of everything
05 December 2012
Rated 5 out of 5 by Walshy Test by Helen Walsh
I'm reviewing this as a test. More characters please!
23 November 2012