Bank reveals strong broker satisfaction

by Mark Rosanes25 Jan 2021

MyState Bank has continued to leave a strong impression among brokers as reflected on the results of its recent net promoter score (NPS) survey.

The survey measured broker satisfaction based on the respondents’ likelihood of recommending the bank or its products or services to a client or another broker.

MyState received an NPS of +54 when brokers were asked how likely there were to recommend the bank to a customer and scored +71 when asked about the chances that they would endorse the bank to a colleague or another broker.

According to Bain & Co., which created the NPS system, a score above +50 is considered excellent while an above +80 rating is considered world-class.  

Tony MacRae, MyState’s banking general manager, said the bank was pleased about the positive results.

“We are delighted that brokers rate us so highly and are willing to recommend us to other brokers,” he said. “With over 60% of Australians preferring to use the services of a mortgage broker, our strong commitment to the industry, customers, and our brokers, will remain unchanged.”

MacRae also took pride on the level of support their brokers have provided clients, especially during a difficult past year.

“Mortgage brokers have played a very positive role in the lives of their customers over the last nine months – from helping set up deferrals to finding ways to restructure debt and lower repayments and of helping customers fulfil their homeownership dreams,” he said.

“This support has also extended to providing emotional support and reassurance for customers. MyState is proud to have been able to support customers and brokers throughout this period.”

A separate survey conducted by the bank last year revealed that speed and frequency of change in credit policy and procedures, turnaround times, and meeting varying lender requirements through the application process were the biggest challenges they faced given the current economic climate.

Despite these difficulties, however, more than half of respondents still felt some level of certainty about their future in the industry.