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.
AUTHOR
Priya Prakash
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