William Xi, BDM at NAB Broker Distribution for NSW/ACT, is expecting improved conditions for the second half of the year, as he closely monitors inflation figures and Reserve Bank actions.
“The government continues to release more spots for the First Home Loan Deposit Scheme to assist first home buyers who have at least 5% deposit to enter the market – I’m actually quite positive,” he said.
Richard Galvin, BDM at Advantedge Financial Services, also sees green shoots emerging over the next 12 months.
Currently based in Queensland, Galvin is keeping a keen eye on how the market continues to evolve in terms of technology and how these changes might impact customers. He highlights the growing use of algorithm-based credit-scoring tools as something brokers should be aware of, as they can influence credit scores, regardless of whether or not a loan is taken out.
“This data-based assessment can be difficult for borrowers to understand...” Galvin said. “I feel more awareness is needed for customers and brokers to understand the implications of making numerous enquiries for finance.”
Kelly Tietjen, BDM at NAB Broker Distribution QLD, said the use of AI in credit-scoring is part of a recent wave of advancements that are reshaping the financial landscape.
“Even just a couple of years ago the broking industry was still too paper based, but since COVID, technology has really stepped up in leaps and bounds across the board,” she said.
“NAB continues to lead the charge – our simple and digital strategy is making a real difference. We are now digital start to finish, and the digital signing of mortgages is making the whole process more efficient and streamlined.”
Indeed, it appears that nearly every aspect of finance is a potential candidate for technological innovations.
Generative AI is poised to revolutionise work across various industries, and its potential impact on the banking sector is nothing short of game-changing. These expectations come as no surprise to the BDMs, who have been on the front lines of these transformative changes for many years.
“To me, change is actually a norm these days. We’ve come a long way as an industry, but there is always more work to be done,” Xi said.
“There are many potential roadblocks that customers may encounter along the way, but at NAB we want to create a less stressful experience and more transparency during the process.”
To learn more about how these BDMs continue to operate and build thriving relationships with brokers regardless of the economic climate, read "Skilled BDMs: An asset in uncertain times" and the premium story, "Meeting challenges with experience and skill".
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