Brokers missing cross-sell opportunities

by Adam Smith10 May 2013


Cross-sell remains a massive opportunity for mortgage brokers, with a quarter of clients saying they're open to obtaining products beyond a home loan.
The Commonwealth Bank/MFAA Home Finance Index has found the 25% of respondents said they were receptive to obtaining insurance, business lending, personal loans and car loans through a broker.
"Cross-selling is a way to drive the value of a business up, and it's still something we as an industry do slightly poorly," CoreData founder Andrew Inwood told the MFAA Convention in Sydney.
Inwood said 33% of broker customers were open to at least taking on loan protection insurance from a broker.
"Better than three out of 10 will just say yes straightaway," he said.
The survey has also 39.7% of respondents believe brokers are the best way to find the lowest rate on a home loan, surpassing banks at 39.1%.
"The broker proposition remains very strong in the market. There is an increase in the number of consumers who are prepared to choose a mortgage broker for their home loan, particularly those in their 20s or 30s," CBA executive general manager of third party and mobile banking Kathy Cummings said.