Commonwealth Bank discusses your feedback on their turnaround times and BDM support featured in last month’s MPA Brokers on Banks survey.
Banks on Brokers is all about finding out what the banks are going to do with your feedback from MPA's Brokers on Banks survey.
We’ve talked to this year’s top five banks, based on overall score: Westpac, CBA, ANZ, Suncorp and Macquarie and brokers have again rated CBA highly across the board, comfortably securing them second place.
MPA hear's from CBA's general manager of broker sales Sam Boer on how they plan to reach the top spot.
MPA: CBA consistently performs in this survey – how do you maintain high standards?
SAM BOER: We invest in our mortgage broker partnerships, which is highlighted in our investment in leading technology, great cross-sell opportunities, productivity workshops, and improving our systems and processes.
We are constantly seeking opportunities to improve our efficiency, and identify better ways of working to deliver a better service.
We are committed to delivering a simple and easy home loan experience for brokers and we continuously
review our proposition to ensure that we enhance the broker’s ability to meet the needs of their customers.
MPA: CBA had disappointing results for turnaround times and BDM support (5th and 6th respectively). How are you going to respond to these results?
SB: We are always listening to our broker partners, and use that feedback to improve our service proposition.
As the leader in technology we need to continue delivering new ways for brokers to work with us. We know turnaround times are critical; it’s something we are doing a lot of work on to get right. The feedback we received from our mortgage broking partners is that we are consistent and we have added additional credit capacity to further improve their experience.
A strong support model for brokers is critical to their business; this is why we increased and reinforced our support team across the country – more relationship managers with direct access to local credit managers, a new team of desk based relationship managers and access to our knowledgeable Broker Assist team for help with loan structuring, scenarios, advice and help with credit policy – and a team of sales and process coaches to train brokers and their teams.
We host personal development days each year for valued partners – addressing such issues as brand building, business development, productivity, as well as looking at market trends and economic forecasts. We also provide technical support days once a year for mass market aimed at credit policy interpretation, structuring a home loan, how to submit quality applications that reach settlement quickly.
MPA: CBA received strong support from your Diamond Brokers in this survey – what advantages does being a Diamond Broker provide?
SB: We are proud of our deep relationships with our Diamond Brokers. Our strong relationship with this segment ultimately empowers them to meet the needs of their customers.
Our Diamond Brokers, like all our broker partners, enjoy a number of benefits including having priority assessment of loans, as well as priority assessment for certification of returned documents.
MPA: Do you believe these advantages are more incentivising to brokers than additional commission?
SB: Our strategy is built around convenience and service to meet the needs of customers. The feedback we receive from our
mortgage broking partners is paramount, so we are focused on enhancing our systems and processes.
MPA: 77% of respondents believed channel conflict is still a problem; what is CBA doing, in terms of staff training and formal structures, to prevent this happening?
SB: In the small number of cases where this issue does arise, we work closely with our broker partners to resolve.
MPA: Two-thirds of brokers didn’t believe the banks dealt with APRA’s changes in a fair way for new and existing customers. Are there any lessons to be learnt in how you communicate interest and policy changes in the future?
SB: As Australia’s largest home lender, we are committed to delivering competitive products and services to our customers, while maintaining an unquestionably strong capital position.
Any changes required to make the Australian banking system more secure need to be balanced with the interests of our customers, as well as the nearly 800,000 households who are direct shareholders of Commonwealth Bank and the millions more who are invested through their superannuation funds.
MPA: Are we likely to see investment in CBA’s third party channel infrastructure over the coming year?
SB: We are continually looking for ways to enhance our customer experience and make it easier for our mortgage broker partners to meet the needs of their customers.
We’ve talked to this year’s top five banks, based on overall score: Westpac, CBA, ANZ, Suncorp and Macquarie and brokers have again rated CBA highly across the board, comfortably securing them second place.
MPA hear's from CBA's general manager of broker sales Sam Boer on how they plan to reach the top spot.
MPA: CBA consistently performs in this survey – how do you maintain high standards?
SAM BOER: We invest in our mortgage broker partnerships, which is highlighted in our investment in leading technology, great cross-sell opportunities, productivity workshops, and improving our systems and processes.
We are constantly seeking opportunities to improve our efficiency, and identify better ways of working to deliver a better service.
We are committed to delivering a simple and easy home loan experience for brokers and we continuously
review our proposition to ensure that we enhance the broker’s ability to meet the needs of their customers.MPA: CBA had disappointing results for turnaround times and BDM support (5th and 6th respectively). How are you going to respond to these results?
SB: We are always listening to our broker partners, and use that feedback to improve our service proposition.
As the leader in technology we need to continue delivering new ways for brokers to work with us. We know turnaround times are critical; it’s something we are doing a lot of work on to get right. The feedback we received from our mortgage broking partners is that we are consistent and we have added additional credit capacity to further improve their experience.
A strong support model for brokers is critical to their business; this is why we increased and reinforced our support team across the country – more relationship managers with direct access to local credit managers, a new team of desk based relationship managers and access to our knowledgeable Broker Assist team for help with loan structuring, scenarios, advice and help with credit policy – and a team of sales and process coaches to train brokers and their teams.We host personal development days each year for valued partners – addressing such issues as brand building, business development, productivity, as well as looking at market trends and economic forecasts. We also provide technical support days once a year for mass market aimed at credit policy interpretation, structuring a home loan, how to submit quality applications that reach settlement quickly.
MPA: CBA received strong support from your Diamond Brokers in this survey – what advantages does being a Diamond Broker provide?
SB: We are proud of our deep relationships with our Diamond Brokers. Our strong relationship with this segment ultimately empowers them to meet the needs of their customers.
Our Diamond Brokers, like all our broker partners, enjoy a number of benefits including having priority assessment of loans, as well as priority assessment for certification of returned documents.
MPA: Do you believe these advantages are more incentivising to brokers than additional commission?
SB: Our strategy is built around convenience and service to meet the needs of customers. The feedback we receive from our
mortgage broking partners is paramount, so we are focused on enhancing our systems and processes.MPA: 77% of respondents believed channel conflict is still a problem; what is CBA doing, in terms of staff training and formal structures, to prevent this happening?
SB: In the small number of cases where this issue does arise, we work closely with our broker partners to resolve.
MPA: Two-thirds of brokers didn’t believe the banks dealt with APRA’s changes in a fair way for new and existing customers. Are there any lessons to be learnt in how you communicate interest and policy changes in the future?
SB: As Australia’s largest home lender, we are committed to delivering competitive products and services to our customers, while maintaining an unquestionably strong capital position.
Any changes required to make the Australian banking system more secure need to be balanced with the interests of our customers, as well as the nearly 800,000 households who are direct shareholders of Commonwealth Bank and the millions more who are invested through their superannuation funds.
MPA: Are we likely to see investment in CBA’s third party channel infrastructure over the coming year?
SB: We are continually looking for ways to enhance our customer experience and make it easier for our mortgage broker partners to meet the needs of their customers.
