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COVID expanding PD opportunities for brokers

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Reporter 4 minute read

Brokers are increasingly embracing new opportunities for professional development and training that have emerged off the back of the COVID-19 crisis, according to new research.

New research from MyState Bank, which involved a survey of 346 brokers in May, has found that 70 per cent of brokers have increased their participation in professional development (PD) and training opportunities over the past six months.

The majority of such brokers said they have participated in more than five online education initiatives since the onset of the COVID-19 crisis.

According to MyState’s general manager, banking, Tony MacRae, the prevalence of PD programs is a reflection of heightened customer service sensitives, with 80 per cent of brokers reporting that their customer base has come under increased financial stress due to the economic fallout from the outbreak.

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“With many Australians experiencing elevated levels of financial stress during this challenging climate, customers have been relying on mortgage brokers to help steer them through this time of uncertainty,” he said.

“At a time when connecting with customers is as important as ever, we are certainly proud to see brokers taking the initiative to enhance their skillset and capabilities to be the trusted professional that customers want and need.”

Three-quarters of survey respondents also stated that the online migration of education programs has made it easier to invest more time in their professional development, particularly because of improved accessibility and reduced travel time.

Mr MacRae said he expects online training and development offerings to expand overtime as the industry adapts to new working arrangements.

“Broker education and training as we know it is undergoing a major transformation,” he said.

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“If this translates into higher engagement among brokers, it can only spell good news for the industry, improving standards of professionalism and building a customer-focused culture.”  

[Related: Broker proposition ‘evolves’ in wake of COVID-19]

COVID expanding PD opportunities for brokers
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