“We want to become the bank for brokers”

by Miklos Bolza24 Oct 2017
Consistency, clarity and a client-by-client focus have been named as key factors behind how National Australia Bank (NAB) seeks to grow the third party channel.

“We want to become the bank for brokers,” NAB executive general manager of broker partnerships, Anthony Waldron, told Australian Broker. “We want to be that bank that everybody knows is supporting the industry.”

As the broking industry has grown and been thrust into the spotlight, there is opportunity to harness that growth, he said.

NAB has built trust with brokers through a consistent strategy and clear focus around growing the industry through periods of change such as the Sedgwick report and the ASIC remuneration review, he added.

In terms of building trust with consumers, Waldron said NAB has committed to a client-by-client focus.

“We appreciate the fact that brokers have trusted their clients with us. We’ve got to win that trust and vindicate the decision that they’ve made to recommend NAB every single time they bring a customer to us.”

To do this, NAB has select bankers whose sole job it is to welcome broker-introduced customers and ensure they get the right service to meet their needs.

“We don’t want to see conflict across the different channels and so we’re trying to do our best to remove that. We’re not perfect. We know that but we’re working on it. We’ve implemented a model which is very different to other banks to make sure that we continue to try and get it right.”

NAB also aims to build trust by taking an active role in leading the industry through significant change over the next few years, he said.

An example of this is the Combined Industry Forum which is progressing well, Waldron noted.

“It’s fantastic to see the industry come together. This is something that we’ve learnt from other industries: that we need to come together and be represented as one.”

Waldron concluded, stressing the need to be proactive around industry-led regulation and ensure that customer outcomes are met.

“It’s incredibly important that we stay ahead of that curve and focus on making change that makes a better outcome for the customer, makes it easier for customers, and ultimately helps brokers make sure that they are capturing all of the right information on a customer’s circumstances.”

Related stories:

Rate hike profits to be short lived: NAB

Bank/Broker program tackles channel conflict

NAB calls for broker ‘conflicts register’

COMMENTS

  • by Bottom Line 24/10/2017 8:48:17 AM

    Yet they were the ones suggesting reducing commissions based on volume?? I'm confused??

  • by Anon 24/10/2017 7:25:49 PM

    I've found that NAB have a tendency to offer discounts and fee waivers to clients via their branch network that they wouldn't even consider offering to clients going through me.

  • by 26/10/2017 9:00:28 AM

    I'm lost too. Had a dead set deal that was knocked back - the Credit Manager didn't know which way was up. His reasoning just didn't make sense. They need to improve for me to go through the pain again!!