Knowledge Bank reduces pricing by 40% - permanently
07 January 2019
The January sales have started! Following its 12 Days of Christmas campaign in December, Knowledge Bank has permanently reduced the cost of subscribing to its criteria search system – lowering the cost by up to 40%.
As part of its 12 Days of Christmas offer, Knowledge Bank reduced subscriptions for a month, but take up by brokers was so strong that it has decided to keep them at the lower price permanently.
This is something it has been able to do due to the increase in subscribers. By hitting in excess of 2,000 users, Knowledge Bank’s costs drop and so it is passing on this saving directly to brokers.
From today, Knowledge Bank has reduced the cost of a single broker monthly subscription to just £14.99 +VAT, down from the previous cost of £25 +VAT, a huge saving of 40%. An annual subscription will now be just £149.99 +VAT, down from £240.00 +VAT. There will also be additional discounts for firms with five or more brokers.
The new pricing structure also comes on the back of the huge support Knowledge Bank has received not only from brokers but also from lenders, with more than 165 lenders who have put their criteria on Knowledge Bank and more being added all the time.
Nicola Firth, CEO of Knowledge Bank said:
“When we launched Knowledge Bank in September 2017, we had always planned to reduce prices once we had reached a certain number of subscriptions. And now, thanks to all the support we have received from the industry, we are at a size where we are able to pass our cost savings straight onto brokers.
“We have been overwhelmed by the support that we have received over the past 18 months, both from brokers and from lenders. As a result, we have exceeded 80,000 different pieces of criteria, an impossible amount on information for anyone to keep in their head at one time. Knowledge Bank also records evidence of research which can be saved directly into a client’s file, to ensure a robust file for compliance.
“This reduction in prices will make Knowledge Bank at the very least cost neutral and will save brokers money when combined with the amount of time it saves them to carry out a search. This invaluable tool should therefore be a ‘no-brainer’ as it enables brokers both to see more new clients and better service their existing clients.”
This was backed up by Mags James, mortgage broker at Step by Step Mortgages Ltd who said, “I have been a mortgage broker for years and thought I knew the market well, but since using Knowledge Bank I have placed cases that I never knew were possible. Until now I have always phoned a mortgage club help desk, but Knowledge Bank has revealed lenders that my help desk has never advised me about.”
