Technology won’t hit brokers' market share

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Advances in technology will not cost brokers business, according to NAB’s executive general manager, growth partnerships, Anthony Waldron.

Speaking to The Adviser, Mr Waldron dismissed concerns that technology may erode brokers' market share, saying the internet can provide a lot of information but customers will ultimately need professional advice when it comes to finance.

“We need to take that into consideration and realise that the value is in the broker’s knowledge and knowing what to ask and in knowing how to guide those conversations with customers,” he said.

“The advice that they can give becomes even more valuable when there is more information and, at this stage, the technology has provided a lot more information.

“That means customers are going to ask more difficult questions, it means some will be more informed, it means some of them will want to do it themselves but for the vast majority, they’re actually going to need more advice.”

Mr Waldron said he expects brokers' market share to reach 50 per cent before long.

“We think it’s going to continue to grow, we think customers are going to continue to go to mortgage brokers and it will not be long before it’s 50 per cent of the market,” he said.

Mr Waldron also spoke of NAB’s commitment to the broker channel, saying he sees the third party as fundamental to the lender's growth.

“The growth that we will see in NAB, particularly in our mortgage market share, a very large percentage of that is going to be coming from mortgage brokers,” he said.

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