Speaking at a Council of Mortgage Lenders mortgage innovation conference in London, Sue Anderson said that banks could be missing a trick by concentrating their efforts on gaining new mortgage customers rather than better servicing the ones they already have.

“Whenever people talk about innovation they’re usually talking about new products and new borrowers,” she said.

“Are we missing a trick? One of the characteristics of old innovation was that it often saw reselling and churn as part of the point, but maybe innovation doesn’t just have to be about new sales.”

“There are good examples of looking at the back book like courting negative equity customers but most innovation has tended to be at the business acquisition end of the spectrum. Wouldn’t it be great if we could bring that creativity to issues surrounding the back book?”

Anderson said better focus on existing customers could also help restore lost consumer trust across the banking sector.

“I do think in this new changed world where regulation is different customer trust clearly does need rebuilding, and this comes as much from the business that is already written as the new business of today.”