NAB expands broker channel
National Australia Bank (NAB) has announced plans to further focus on expanding its third party channel as an increasing number of Australian consumers turn to mortgage brokers for advice.
NAB announced plans to expand its presence in the broker channel at the 2014 Australian Mortgage Conference.
Speaking at the event, NAB’s general manager Steve Kane revealed NAB Broker’s recent increase in staff numbers in its third party mortgage services team and realignment of its business to support brokers is in response to consumer trends.
“Almost 50 per cent of all mortgages written today are through a broker and we expect this number to continue growing,” he said.
“Third party distribution is a strong source of new-to-bank customers and this is an important source of growth for NAB.”
The expansion in this area also comes as a result of a progressively complex and competitive environment, driving consumers to seek broker advice. In addition, customers view brokers as independent, trusted advisers, according to Kane.
“The new model ensures faster escalation processes for brokers and their customers so that deals get done more quickly and easily,” Kane said.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
