Join our productivity journey: Cummings

by Mackenzie McCarty12 Nov 2012

The Commonwealth Bank's Kathy Cummings is urging brokers to become more productive for the sustainability of the industry, as well as the success of their businesses.

Speaking with Australian Broker, head of third party and mobile banking Kathy Cummings said that productivity gains through straight-through processing is the bank's next 'holy grail'.

“Straight-through processing is when the file goes through and is not reworked,” Cummings said.

“The idea is that you have all the information in there [the application], it is correctly interpreted [by the bank] and the file just sails straight through.”

At present, 35% of broker channel applications achieve this benchmark, compared with 75-80% of the bank’s own proprietary channels.

Cummings said that that gap actually presented a great opportunity for brokers, and that straight-through processing would not just help the bank.

“Obviously, it [straight-through processing] is very productive for the broker, for the bank and means a sensational customer experience,” she said.

“It is very much about keeping the customer in the center of the discussion, because when it is all said and done that is what it’s about. Happy customers, happy referrers, and a happy broker.”

Cummings said improved productivity and straight-through processing is a journey for the market, and that brokers would be wise to join the bank on that journey.

“If you do that it is going to be much better for your business and the customer experience. It’s a little pain’s a lot of gain,” she said.

To read the full interview, pick up the latest issue of Australian Broker (issue 9.22)

COMMENTS

  • by Moonae 12/11/2012 9:56:26 AM

    IF CBA stopped changing policies and processes and layering them with processing "trip wires" and we mightn't be playing this game. CBA should be genuine rather than tricky and we might be able to do quality business with them. At the moment, CBA is paralysed with process for process sake.

  • by Diomedes 12/11/2012 10:11:38 AM


    I used to get straight through processing with CBA, that was when the credit mangers used to call me to discuss a file prior to decisoning. Now they simply refer, I then call CBA to explain the file to a third party who send an email to the credit manager, nothing happens then I call my BDM.
    Straight through processing is not hard to achieve simply do what you were doing 12 months ago, also you will need up front valuations.

  • by Country Broker 12/11/2012 10:21:57 AM

    Why would i join them in Productivity ?? when their processes ahve become SLOWER and i know processing is no longer happening in Vic where it was seamless !! Now in Qld where it takes at least one day to have one department to ask anothert department to do something.
    i have never had a file sail straight through with out escalation of the file, i receive very few MIR requestes.

    This to me is smoke and mirrors covering up a decrease in productivity output , leave the holistic approach in the cupboard and concentrate on getting the processing right !