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ANZ responds to media reports on broker appetite

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Staff Reporter 4 minute read

The major bank has issued a statement in response to recent claims made by AFR columnist Christopher Joye that the group is looking to reduce its reliance on mortgage brokers.

The Adviser obtained the following comment from an ANZ spokesperson on 31 July afternoon:

“Brokers remain a preferred channel for many customers and currently account for about 50 per cent of home lending/home loans by ANZ. It means brokers are a key distribution channel for ANZ now and in the future.”

The statement comes after the AFR ran a piece by columnist Christopher Joye claiming the author had received information from ANZ chief executive Shayne Elliott about the bank’s plans to cut ties with brokers.

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“In an exclusive interview with this columnist over lunch in Melbourne, Elliott explains that he wants to streamline his workforce, reduce the distribution dependency on mortgage brokers and branches, and rebuild ANZ into a highly productive data and technology-centric company that uses predictive modelling to disrupt larger incumbents via radical, ‘risk-based pricing’,” Mr Joye wrote.

“Risk-based pricing is a vital pre-condition to allowing ANZ to pivot away from expensive mortgage brokers and branches towards end-to-end online origination in which customers can quickly buy deposits, loans, insurance, investments and super via a website in real time with no physical documents required.”

The Adviser editor James Mitchell penned an opinion piece, published on Monday, relating to Mr Joye’s column.

The opinion piece has since been updated to include ANZ’s response.

[Related: Will this major bank cut out brokers?]

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ANZ responds to media reports on broker appetite
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

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