Bankwest has pledged to increasingly gear commissions towards rewarding quality broker loan applications, which enable increased efficiencies for the lender.
Speaking with Australian BrokerNews TV, head of specialist banking Ian Rakhit said the bank would focus increasingly on rewarding quality - which could even see brokers earn more.
"What I think will happen going forward is we will look at the quality of submission as being the real driver for commissions and incentives," Rakhit said.
"It makes philosophical sense that a broker who packages a deal correctly or costs me less in terms of processing time may well get rewarded better than a broker who passes an applicant in with no pay slips, no supporting documents, and costs me more in terms of processing time because we need to go back to the broker and the client for additional information," he said.
Rakhit said banks were facing a difficult economic environment where commissions were under pressure, but said broker channel heads had been successful in maintaining remuneration levels.
"I think the heads of the broker channels within the banks should all be applauded that broker commissions haven't changed for the negative during a very difficult period of time," he said.
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