Why banks and aggregators are fighting over brokers

Competition is heating up between banks and aggregators seeking broker business. Advantage's Steve Kane tells us why



Aggregators are being put through the pressure test as banks move to entice more broker business, says Advantage’s Steve Kane, and competition between banks and aggregators is getting fierce.

“I think when you look at the depressed credit market situation we’re in, which is likely to be continuing for quite some time, everyone is trying to make the best possible opportunity they can in relation to the lower level of credit rates. So we’re seeing banks [and] aggregators really come to the fore in terms of the service propositions they’re offering.”

Kane tells Broker TV competition between the banks for new business is intense - and competition between aggregators to recruit brokers and provide them with the service they require, is also heightened.

He says aggregators need to constantly evolve their service proposition to satisfy their clients’ changing needs.

“Very clearly, brokers are looking to expand their businesses through diversification; they’re looking to hone the way in which they manage their relationships with their customers; they’re looking to make sure that everything they do adds value to their customer relationships. So the aggregators have got to make sure things they provide, such as software platforms, support around NCCP, support around business management and how to run a business, is continually developed for the broker experience. Everything we do as an aggregator has to have, in the end game, something to improve that broker’s business.”

To watch the full Broker TV interview, please select the following link:http://www.brokernews.com.au/tv/aggregators-banks-lock-horns-in-battle-for-business-148577.aspx


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