AMAs 'Best Bank BDM' winner Damien Muir of Commonwealth on the changing demands of the role and why BDMs need to go beyond "product, policies and process".
Video transcript below:
Damien Muir, BDM, Commonwealth Bank
Damien Muir: You’ve got to be proactive rather than reactive, you’ve got to be strong on returning your phone calls and e-mails which people see as common sense, but the reality is that if a broker needs something, they need it then and there, they can’t afford to wait.
You really need to be passionate about the industry and about the people that you work with and you’ve got to be strong on focus. Planning is really critical and the volume of brokers that we deal with, we need to be or I need to be very strong around the time and my use of time and getting the best use of both time and the technology that we’ve got access to. I don’t think any longer that a BDM, Business Development Manager can be just a provider of knowledge around products or policies or process. I think there is enough technology and every bank has a broker site where they can achieve or get that information. I think that we need to go beyond that and actually provide them an opportunity or a bouncing board to throw ideas around, to effectively provide them with ideas and thoughts around business growth and taking their business to the next level. That’s the key value. In our world we go through a process to understand their business deeper. What are their goals, what are their aspirations and how do they see their business in 5 years and then we could put together some action plans to help them go to that level and provide tools inside our organisation that help with that.
Look I think that every broker sees that no longer can I be a provider of home loans or mortgages. They need to look at diversification to complement their income stream but also to help them to create a strong customer relationship. In our world we provide that opportunity through our Connect program and with the ability to actually offer and provide additional product and experts to deal with our broker’s customers around other parts of the business, because whilst I think a broker needs to diversify and while they are going down that path it’s difficult to be a master of everything or an expert in all fields, so a lender or a BDM that can provide them with avenues to go and seek other paths or other avenues to earn income, but also provide the experts who deal in that space reflects well on their business and I think one of the things that we really focus on is post settlement customer satisfaction. We are number one in customer satisfaction at the moment and a broker that sees that and sees the value that adds to their business will grow their business, because that satisfaction piece leads to more referrals, leads to more business and effectively leads to them growing their business. So I guess around diversification most brokers are seeing the need for it. Some are trying to specialise in it, some are utilising other resource to go down that path.