Looking forward to the year ahead, banks need to think about upcoming challenges to overcome and opportunities to be capitalised upon.
Doug Lee of Macquarie Bank tells BrokerTV the last 12 months have been all about making Macquarie’s service proposition more attractive by investing heavily in both people and processes.
“What we’ve really focused on over the last 12 months is to invest very heavily into our back office, both from a resource point of view and a technology point of view. When I talk about resources…we’ve recruited a lot more additional people into our credit teams and we’ve tried to do that as much as possible ahead of time. So, therefore, should any volume spikes occur, we’ve actually got the people already in place to keep our level of service consistent throughout those volume spikes.”
Lee also states that revenue diversification is the largest challenge facing the industry right now and that Macquarie is actively pursuing ways that brokers can capitalise on the opportunities appearing – namely through ‘bundling’.
“One of the bigger challenges that we’re particularly focusing on is around revenue diversification. From a broker’s perspective, it’s challenging if you’re going to continue to just offer one product. Aggregators are looking at different ways to provide their brokers with diversification opportunities, whether that’s through planning or insurance or other services they can on-sell to their client and, from a lender perspective, that’s something that we’re also looking at and acting on quite deliberately around bundling.”
To watch the full BrokerTV interview with Doug Lee, CLICK HERE