The non-major bank has released a new broker platform as it continues to prioritise home lending and its broker offering.
Suncorp Bank has released a new broker platform for brokers, following broker feedback.
The broker portal, which uses the same address and login process for brokers but is hosted on a new platform, was launched yesterday (28 July), to give brokers “a much better experience” when using Suncorp.
The relaunch is to be released in phases, with the first iteration providing a “mobile-friendly platform” with a dynamic search function to enable brokers to find details of credit policies, product overview and forms and documents etc, more easily. The lender has also updated its submission checklist, based on broker feedback.
According to Suncorp’s head of broker partnerships, Troy Fedder, future updates to the portal will include:
Speaking to The Adviser about the portal refresh, Mr Fedder said: “Over 70 per cent of the bank’s flows now come from the broker channel, which is up since the first half of last year, when we saw about 66 per cent.
“So, we have certainly increased the amount of business we are doing with broker and, since I’ve been in this role (since December), I can absolutely say, we are really keen to continue to grow in broker.
“There has been a material investment program in relation to home lending and investing more into our broker channel is part of that program. We’ve really been listening to the open and honest feedback from brokers and our broker partners, including aggregators, about how we engage with them and one of the issues raised was that we hadn’t really invested into the broker portal.
“We heard that feedback loud and clear and, as part of that investment, we’ve decided that this new platform is one of the things that we will invest in and improve to make our brokers’ lives much easier and make it easier for them to do business with Suncorp.”
Mr Fedder outlined that other initiatives that the bank was focusing on for brokers was improving its consistency on turnaround times, stating: “In the past, there probably has been some inconsistencies where we have gone up and down in our turnaround times, but I’m absolutely committed to improve, consistent improvement, which our brokers will see over the coming weeks and month.”
He continued: “Our process for broker and direct are exactly the same; we don’t differentiate between channels to deliberately favour one or the other, and I really believe it’s the right thing to do – not only for our customers but equally our brokers and also for Suncorp..
“So, as we improve the turnaround times over the coming weeks and months, we will improve that for all customers and that, I think, has resonated very well with our broker partners across the industry.”
The head of broker partnerships highlighted that the bank had also recently adopted digital signatures on post-approval and equity loan documents for individual borrowers, embraced Comprehensive Credit Reporting (CCR) data to negate the need for bank statements on low LVR loans, and had “invested quite significantly into the operations team” to increase the number of the assessors and staff in supporting settlements.
He continued: “For Suncorp, we are on a journey. There were a lot of opportunities, when I came into the business, to look at where we could do better. Suncorp has continued to improve – certainly in the last six months.
“What’s pleasing about that is we had improved turnaround times, but we’ve also materially uplifted our new business as well across the channel. And that’s, that’s very much our goal, to increase our business through brokers but also to continue to reduce turnaround times.
“So, I’m pretty excited about our investment in broker channel, whether that’s through technology and our new broker portal, or investing in broker channel by making sure that the service is strong, which will make Suncorp an even greater player in the broking industry over the coming years.”
[Related: Non-majors highlight turnaround success]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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