The results from the 2016 Momentum Intelligence Third Party Lending Report: Non-major Banks are in, revealing the trends set in motion in last year's survey still largely to be true.
ING Direct continues to be regarded as brokers’ best non-major bank topping the rankings for the fifth consecutive year.
Equally, the St. George Group continues its strong showing with brokers to take out second spot. Since 2014 it has moved from 6th place through 3rd and now to 2nd place this year.
Macquarie Bank dropped one place this year and is ranked third in 2016.
Suncorp and Bankwest respectively round out the top five, both holding the same positions as they did in 2015.
The survey attracted the biggest response to date, with nearly 1,500 brokers participating in it.
Head of client services and sales research at Momentum Media Group, Andrew Scott, said the strong level interest shown by brokers is pleasing to see.
He said it reinforces the significance of the non-major lenders in the third-party channel.
“Brokers appear very happy with non-major banks,” Mr Scott added, “with the average score for banks overall improving by 9.64% on 2015's figures.”
“No bank scored lower overall in 2016 compared with 2015,” he said.
The survey asks brokers to declare which non-major banks they've written business with over the past 12 months and then score each of these banks across 23 metrics.
The metrics are organised across product, commission, tech and support categories.
The banks are then graded across the 23 categories and ranked according to their aggregated score.
This year’s non-major bank ranking is as follows:
1 - ING DIRECT (1)
2 - St. George/Bank of Melbourne/Bank SA (3)
3 - Macquarie Bank (2)
4 - Suncorp Bank (4)
5 - Bankwest (5)
6 - Heritage Bank (10)
7 - Adelaide Bank (8)
8 - ME Bank (9)
9 - Citibank (7)
10 - AMP Bank (6)
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