Australian Broker TV

Australian Broker TV brings you closer to the industry's most influential leaders and thinkers. Click on the videos below to watch the interviews:

Major bank announces transactional offset product

On this week’s  Australian Broker TV, Kathy Cummings, EGM of Commonwealth Bank explains the main differentiators of their new Everyday Offset Account.

Video transcript below:

Gives people absolute flexibility to manage their financials, resources as well as would reduce their home loan interest. So it’s very exciting.

Well we are very excited, our everyday offset account is launching next week or at the end of the week and it’s going to be different because it’s got multiple accounts you can link it to. And they don’t have actually have to be in one name either, so it gives people absolute flexibility to manage their financials, resources as well as would reduce their home loan interest. So it’s very exciting.

We waited for it this long because we were replacing our core systems and it was part of that program, so we have now completed that last year and so now we are bringing in the transaction offset account and we also wanted to bring something in that was really going to meet the needs of the market. We have heard our, have taken a lot of feedback on what the market wants and we believe this new account will absolutely meet those needs.

One of the things that lenders need to always do is listen to the feedback, particularly from our brokers. You know they are very knowledgeable, they are dealing with customers all the time, so if you go out to them and you ask them what do they think we need to do, I think you are going to get some very good insights into what customers believe they need. That’s something we do regularly, we are always doing focus groups and every other year, we hold a summit, so that we actually ask some brokers and our lenders what they actually need.