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Major banks under the microscope

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Reporter 4 minute read

What do you think of the major banks? Momentum Intelligence, in partnership with The Adviser, is calling on brokers to respond to its survey on the big four banks.

The last 12 months have been challenging for the big banks. Rising funding costs have continued to pressure margins, leading to pricing changes towards the end of 2017. Meanwhile, regulatory measures and higher capital requirements are forcing the big four to tweak their policies. 

On top of all this, the ongoing royal commission is looking critically at the banks’ systems and processes for home loans (among other things) in its review of misconduct in the financial services industry.

Given the current landscape, and the rise of non-bank lenders, we seek to understand which lenders have continued to deliver excellent product and service, and which lenders have communicated the myriad changes best.

This is your chance to let us know what you really think and what your experiences with the major banks have been over the last 12-month period.

With your help, Momentum Intelligence, in partnership with The Adviser, will rate major banks on their products, support and commission levels, with the findings to be published in the June edition of The Adviser magazine.

According to our 2017 survey, turnaround times and credit assessment staff were regarded as two of the most important factors when brokers choose a lender to do business with, but these were the two lowest rated areas of the major banks’ performance, averaging 3.25 and 3.41 out of 5.0, respectively. 

Indeed, many respondents (mainly brokers) voiced concerns with difficulty in getting loans approved in a timely manner when a loan was “slightly outside of the box”.

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However, brokers praised the major banks’ product range and the skill of their business development managers (BDMs). 

Last year, ANZ was rated as the best of the big four banks.

Overall, the Third-Party Lending Report: Major Banks 2017 found that, collectively, the major banks achieved an overall average score of 3.54 across the eight metrics, down from 3.87 in 2016. 

Broker sentiment towards non-banks and no-major banks has improved in recent years.

Respond to the Third-Party Lending Report: Major Banks 2018 online now.

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[Related: Brokers rate the big four banks]

 

Major banks under the microscope
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