Major doubles down on turnaround times

by Madison Utley01 May 2020

Amidst reports that banks have been fielding as many enquiries in one week as they usually handle over a year, one major has doubled down on its commitment to speedy turnaround times, having made the efficient processing of client enquiries its “key focus” during the COVID-19 pandemic. 

CBA has committed to streamlining processes and communications with brokers as part of this effort, in order to ensure they have a smooth experience and can achieve optimal outcomes for clients. 

“We provide our brokers with support, expertise and convenience through a dedicated team of relationship managers and our Broker Support Hub, and we’re investing in technology through our CommBroker website, a full-service online support hub for our broker partners,” explained CBA group executive of retail banking services, Angus Sullivan.

“We will continue to invest in technology, including using more of our proprietary property data to improve the quality and frequency of internal decisions, deliver faster turnaround times when an external valuation is required, and provide better visibility and tracking of the valuation request for the broker.

“I am proud that brokers can count on CommBank to help them and their customers achieve the best outcomes," he added. 

Since making the option to defer home loan repayments available to customers, CBA has processed approximately 80,000 requests to do so. 

“While we continue to receive ongoing and significant demand from customers experiencing financial hardship due to the coronavirus, our investment in people and technology has allowed us to respond while also maintaining our industry-leading end-to-end application processing and turnaround times,” said Sullivan.

“I want to personally thank all of our broker partners for their support, as we recognise the importance of a strong mortgage broking channel and welcome any feedback on where we can do better,” he concluded.

More on this story in Issue 17.08 of Australian Broker – out Monday, 4 May

 

Also in the issue:

Buyers retreat from property
At a time when property buyers are stepping back from the market, how can brokers continue to write loans and support their customers? Stephen Moore, CEO of Choice Aggregation Services shares his thoughts

Growing risks for borrowers
Rapid changes in the way lenders are confirming loan applicants’ employment and income could leave thousands of property buyers exposed to the risk of their loans not settling; home loan specialist Raj Ladher weighs in

Daniel O'Brien in the hot seat
In a burst of optimism and ‘arrogance’, O'Brien quit his banking job and launched PFS Financial Services in 2004. Since then, the broker has seen every possible loan scenario cross his desk – including an extramarital affair that caused financial carnage