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)