Brokers 'critical' to growth: NAB

by 14 Feb 2014
NAB is focussed on further growing its share of the third party channel as an increasing number of Australians turn to mortgage brokers for advice, says the bank's general manager broker distribution Steve Kane.

Speaking at the 2014 Australian Mortgage Conference in Sydney today, Kane said the bank was expanding its presence in the broker channel to build its business and customer base.

“Almost 50 per cent of all mortgages written today are through a broker and we expect this number to continue growing,” he said.

“Third party distribution is a strong source of new-to-bank customers and this is an important source of growth for NAB.”

Kane said the increasingly complex and competitive environment will continue to drive more consumers to seek the advice of a broker.

“The industry has undergone a lot of change, including licensing and regulation, which has further strengthened its standing as a credible channel in the eyes of the consumer,” he said.

“Our own research tells us that customers view brokers as independent, trusted advisers who provide personal advice that suits their own unique needs. They feel like they’re on the same team.”

Kane said choice and convenience were also reasons why customers choose to go to a mortgage broker for their home loan.

“Customers are increasingly interacting across channels and the challenge for us to ensure we provide a seamless experience for our customers regardless of where they first present,” he said.

NAB Broker recently bolstered staff numbers in its third party mortgage services team and realigned its business to provide brokers with key contacts at every stage of the mortgage process.

“The new model ensures faster escalation processes for brokers and their customers so that deals get done more quickly and easily,” said. Kane.

“We’ve upped our game and will continue listening to feedback from brokers and customers to improve our service experience.

“The broker channel is critical to our growth strategy and we’re well positioned in the market to continue building our business.”