Non-major broadening distribution through brokers

by Adam Smith10 May 2013

Brokers are being offered a chance to deliver deposit products to their clients in a new trial by a non-major.

ING Direct has announced it will trial distribution of non-mortgage products via its broker network until 30 June. The referral program, Orange Link, will allow brokers to offer the bank's Orange Everyday transaction account to clients.
ING Direct head of third party distribution Mark Woolnough said the trial would provide insight on how best to expand the products available to brokers.
"We’re keen to leverage our broker network to distribute more products, supporting our strategy to become our customers’ primary bank. This trial will allow us to better understand how we can best do this," he said.
The program will pay $150 to brokers who refer clients to the bank's Orange Everyday account. Customers will also be given a $50 bonus on account activation.
"We see value in the broker’s relationship with their customers and will provide all the relevant information to ensure the broker maintains control whilst making it as easy as possible to refer. This presents another opportunity for brokers to maintain contact and deepen the relationship with their customers," Woolnough said.