More brokers upskilling during the pandemic

by Duffie Osental09 Jul 2020

Mortgage brokers are increasingly taking the time throughout the COVID-19 pandemic period to advance their professional development through online courses, according to a MyState Bank report.

According to the report, seven in 10 brokers have increased their participation in educational opportunities over the last six months. And of those brokers who reported an increase in educational engagement, more than half said that they participated in more than five online education initiatives since the outbreak of COVID-19.

The report also revealed that three quarters of brokers said they have found it easier to invest more time into their professional development now that most education opportunities have migrated online – with “easier access” and “no travel time due to online educational initiatives” being cited as the biggest reasons for the increase in educational engagement.

Tony MacRae, general manager at MyState Bank, said that the findings underscore the importance of broker education, with eight in 10 brokers reporting their customer base has come under increased financial stress as a result of the pandemic.

“With many Australians experiencing elevated levels of financial stress during this challenging climate, customers have been relying on mortgage brokers to help steer them through this time of uncertainty,” said MacRae.

“At a time when connecting with customers is as important as ever, we are certainly proud to see brokers taking the initiative to enhance their skillset and capabilities to be the trusted professional that customers want and need.”

As the broking industry adjusts to new ways of working, MacRae said that he expects that online educational offering for brokers will grow deeper and more diverse.

“Broker education and training as we know it is undergoing a major transformation,” he MacRae. “If this translates into higher engagement among brokers, it can only spell good news for the industry, improving standards of professionalism and building a customer-focussed culture.”