March 2, 2020
Life Moments – the digital coaching platform – and Principality Building Society today have announced a partnership to help support first time buyers on their journey to home ownership.
With the aid of the Life Moments platform, Principality have launched their First Home Steps app – which will offer consumers a step by step, personalised experience alongside their new savings account for first-time buyers.
The First Home Steps App builds on the success of FirstHomeCoach – a proof-of-concept first-time buyer app created by Life Moments. FirstHomeCoach was developed and launched in early 2019 following funding from HM Treasury’s Rent Recognition Scheme and has since helped over 100,000 consumers progress their journey to get on the property ladder.
The newly announced partnership between these two firms comes at a critical time when saving for a deposit has become a major hurdle for many first time buyers. With the average deposit needed now well over £30,000, it is little surprise that a great number of individuals have put off buying a home, and the age of first ownership has risen to 34. Together, Life Moments and Principality, are seeking to reverse this trend with better savings products and a motivational proposition to support the first time buyer.
Ben Leonard, CEO at Life Moments, said: “We are delighted at the opportunity to work with Principality Building Society. Our mission at Life Moments is to help people Play life better and this desire for better customer outcomes aligns closely with Principality, and was a key driver for our partnership. The combination of their brand and products together with our technology and agility makes for a compelling customer proposition which we are confident can help thousands more first-time buyers”.
Julie-Ann Haines, Chief Customer Officer at Principality Building Society, said: “Life Moments has given us an opportunity to accelerate our customer proposition plans and bring to market a new digital offering in an agile way. The First Home Steps App allows Principality Building Society to deliver on its corporate mission and serve the community by helping people to realise their home owning dreams. The ability to collaborate with like-minded organisations with the skills and technology to deliver new propositions is central to our future digital transformation roadmap.”
Both firms are looking to build on this initial offering and explore how the concepts of life moment customer engagement and digital coaching can help more customers achieve better outcomes.