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Bank’s actions highlight new opportunity for brokers: FBAA

Huntley Mitchell 4 minute read

The FBAA believes the “spying antics” of a major bank has created a golden opportunity for brokers to win more market share.

A recent article by The Sydney Morning Herald revealed that NAB is using credit scoring agency Veda to track disloyal borrowers. The report claims the major bank “is being tipped off each time a business banking customer goes to a rival for a loan”.

NAB reportedly said the tip-offs were used to “better manage relationships with customers”.

FBAA spokesperson Peter White said while this may be the case, there were still serious privacy concerns surrounding the use of this customer information. He suggested brokers should market themselves as a solution to the problem, leveraging off their extensive lending knowledge.

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“Brokers have contacts with most financial institutions, saving the customer time and effort, not to mention keeping their financial details at arm’s length from the lender at the initial inquiry stage,” Mr White said.

“It is important brokers get the message across that customers have every right to refinance or apply for a new loan without having a bank accessing personal information which they have no right doing.”

[Related: FBAA defends brokers against negative media coverage]

Bank’s actions highlight new opportunity for brokers: FBAA
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