Non-major lender withdraws 'service guarantee'

by Julia Corderoy01 Dec 2014
Non-major lender, Suncorp Bank has made the decision to withdraw its “service guarantee” due to the substantial increase in the volume of lodgements which has put pressure on turnaround times.

In the past year, the bank introduced its “service guarantee” promising 48 hours until initial assessment or $500 paid to the customer. In correspondence sent to its broker partners, the lender says it is proud of the success of its service guarantee over the past 15 months with service delivery being pivotal to its overall proposition to its brokers and customers. However, it will be withdrawing the service guarantee until further notice.

“At Suncorp Bank we understand transparency and communication are important to brokers - it helps you manage the expectations of your customers and it’s a part of our commitment to being genuine.

“Our current Big News campaign has been a great success and with the overwhelming number of loan applications being lodged we have made the decision to withdraw our Service Guarantee until further notice.

“We would like to reinforce that during this peak time, service turnarounds remain a key priority for us. Our operations and broader areas of the bank are all hands on deck to ensure that our time lines remain as close to 6 days (to first decision) as possible during what we are expecting to be two very busy weeks as the campaign closes off on 12 December.”

The non-major said it is committed to being a genuine alternative to the major banks, which is why it has decided to be up-front and transparent about making this decision.

 

COMMENTS

  • by Alex 1/12/2014 9:38:32 AM

    Not really transparent, told by BDM and by Suncorp Bank emails that they had a 4 day turnaround, 3 days in I'm then told that the turnaround has gone to 6 days and that my file is in the 6 day cue? On Friday, I was told I'll have a response on Monday. Nothing, I'm on 8 days now. I know I'm to blame, I should have been stronger with the client and more insistent that for purchasers in November and December there were better options.

  • by HEM 1/12/2014 9:58:24 AM

    Come on Suncorp. You have been doing this for years. Make an offer to the market and then have no staff to cope with the volumes. The Broker support area cops all of the flack. How could you let the timing blow out to 6 days for first look at the file before doing something about it. You will have to do better than that if you want to be a big player in the market.

  • by Andrew Edwards 1/12/2014 11:06:17 AM

    I agree with the other comments here, simply not good enough.

    Why have such a great offering if you're not prepared to cope with the volume? You are destroying your relationship with the broker channel.

    The only time I use Suncorp is when they have these specials. When they stop so do my submissions.