“It did surprise me a little bit that the numbers are so high about [brokers] not communicating to their customers. To me, every big institution spends lots and lots of money, effort and time communicating with customers. NAB
and all the other banks are a brand, they are a branded proposition. But brokers, where the vast majority do not have a brand, you would think they would be spending all their time having secured that customer making sure they keep that customer,” Kane said.
Kane said NAB
Broker always tries to promote the primacy of the broker relationship, but sometimes finds that brokers have fallen out of contact with their clients.
“We have a pilot going where we have been contacting customers and we have saved a significant amount of trail for a significant amount of brokers simply because we have acted in keeping the broker’s primacy and keeping them front of mind... It really is interesting that many customers are saying they really need to do something now but their broker hasn’t spoken to them so they don’t even know if they still exist.”
In saying this though, Kane said the majority of the industry was doing an excellent job in putting “the customer at the heart of everything”.
“We still see growth for the broker industry. We fully support it and are in it for the long term. It’s a valuable service they’re providing to the Australian public. It’s gone beyond a cottage industry to be the main provider of support and advice.”