BDMs can't just be transactors anymore, says major bank

by Julia Corderoy30 Mar 2015
Westpac has touted its commitment to the third party channel by investing in a huge education push for its national network of BDMs.

Westpac’s general manager for broker distribution Tony MacRae told Australian Broker that the major bank has partnered with a leading university to up skill and educate its BDMs.

“We’ve partnered with Deakin University and so [our BDMs] are going through both classroom plus practical style education,” he said.

“It has been a two year journey, so it isn’t just this year but it will culminate with professional qualifications for all our BDMs by the end of the year. This will give them the skillsets and the ability to stand out as real growth consultant experts in the market place.”

BDMs can’t just be transactors anymore, says MacRae, they need to be true business consultants and business partners with brokers.

“We believe that the industry is evolving. The industry is changing and the level of skill and knowledge that is needed is just stepping up and expectations are stepping up more and more,” he told Australian Broker.

“We want our BDMS to move from just being pure transactors to being true business consultants, and really focusing on working with the broker to help them look for further growth opportunities and expand their business, beyond just helping them solve transactional issues. We want our BDMs to be real business partners with brokers.”

Last year, the major bank increased its BDM network by 33% nationally. However, MacRae says this year will focus on education and increasing their capacity to get out and about in front of brokers.


  • by Coast Broker 30/03/2015 12:10:25 PM

    They have some of the dearest products in the market and their own branch staff will always try and steal your customer. Only time I use Westpac is if I have a Westpac customer and there is no benefit by moving them away. The only thing they do well is their Family Guarantee Option.

  • by Michael Kent 30/03/2015 4:48:13 PM

    In 12yrs broking I have NEVER written a Westpac deal.

    They are expensive, have no real niches and I have no reason to use them. We never see a BDM and if you do want to become accredited they have the most long-winded over the top application form out of all lenders.

    Thanks but no thanks!

  • by marty 31/03/2015 9:56:13 AM

    Very outdated processing model for mine with credit people sitting in ivory towers. They also seem to refer absolutely anything which is not the plainest of plain vanilla. Empower your people Westpac!