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Half of IF&#39s business from IFAs

Intelligent Finance, the long awaited telephone and internet banking service from Halifax, has finally begun the first phase of its launch.

IF started its phone banking service last Friday and says over half of its business is coming through IFAs.

It claims it has had at least 100 calls an hour and has written £32m worth of mortgage business, with 55 per cent introduced by IFAs.

Nearly three-quarters of its business is expected to come by phone. If it continues at this initial rate it will write £3.5bn in business in a year.

IF, which aims to sell each client multiple products, says it is not finding cross-selling difficult. It says, on average, customers are buying 2.5 products each whereas banks usually report 1.4.

The internet arm of IF is forecast to launch within the next few weeks.

IF chief executive Jim Spowart says: “The launch of our telephone bank has gone extremely well and we are pleased with the support we have received from IFAs.”

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