Major expands small business offerings for brokers

by Miklos Bolza18 Jul 2017
National Australia Bank (NAB) has launched a new campaign to kickstart conversations between brokers and clients, and help them diversify into small business lending.

Called How’s Business?, the campaign is designed to make it easier for brokers to transition into the small business space, take advantage of the many opportunities that it brings, and deepen the relationship between broker and client.

“This campaign is designed to start conversations between brokers and their customers, and to help brokers diversify into small business lending,” said NAB general manager of broker distribution Steve Kane.

“By responding to more client needs, brokers save their customers time and deepen their customer relationships. Many brokers are small business owners themselves, so there is a natural affinity as well.”

NAB wants brokers to know that many home loan clients have small business lending needs too, Kane told Australian Broker.

“By asking their customers the simple question ‘How’s Business?’ brokers can open the opportunities to help their customers with their business and residential lending needs.”

While NAB will support brokers through its campaign landing page, print resources, trade media and print publications, Kane said assistance will be offered primarily through the bank’s dedicated small business BDMs who can also provide one-on-one coaching if needed.

The campaign has been launched as NAB rolls out its improved small business offer which applies to loans of up to $1m. This includes access to equipment finance such as finance lease, hire purchases and equipment loans.

“We’re not just suggesting brokers start a conversation with customers – we are enhancing our services to make the transition into small business lending as smooth as possible for brokers and make NAB easier to do business with for those already writing small business loans,” Kane said.

As well as being allowed to write a combined application for residential and small business deals, brokers will also be assigned a specialist BDM and banker team with expertise in both the small business and residential lending space.

“The benefit to brokers is that now they can access these products, as well as residential loans, in one place – making the application and approvals process smoother and easier to navigate.”

NAB has also simplified its small business lending criteria to give more small business customers access to the necessary funds.

“We have streamlined the process so now brokers only have to deal with one small business BDM who can assist with combined deals, as well as providing direct access to small business bankers to help with the application and approvals process.”

Finally, the bank has also launched a new small business toolkit which includes a pre-qualifying tool which guides brokers on the customer information to provide pending the type of transaction.

A conversation tool is also supplied that steps brokers through how to ask the right questions to better understand client needs and identify lending opportunities.

“NAB is committed to becoming the number one bank for brokers, and our small business suite reflects our drive to continually review and enhance our services. There is immense opportunity in the small business market, and we hope by asking ‘How’s Business?’ brokers open up the door to new revenue streams,” Kane said.

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