A major reshuffle at Macquarie Bank’s head office is putting mortgage managers and brokers front and centre of the business.
With its loan book now exceeding $20 billion, and an estimated growth figure of 30 per cent expected for the end of the financial year, Macquarie is preparing to tackle the months ahead with renewed vigour. This includes a new head of sales, a newly created position, to oversee Macquarie’s whole mortgages business – retail (Macquarie Mortgages) and wholesale (Macquarie Puma).
The man filling that role, Tim Brown, says Macquarie is determined to raise the bar in the wholesale sector. “We’ve taken down the barriers in our team’s structure so we can look across the board – effectively increasing our service proposition to our distribution channels,” says Brown.
By combining all sales components – retail, wholesale and advisor (financial planning) – under one umbrella, Brown says that Macquarie hopes to replicate a structure closer to that of an aggregator, allowing customers to be easily referred to different sales departments when needed.
“This is a model our distribution networks are familiar with and that will allow us to generate more business. There is still confidentiality between the sectors but the silo effect has been removed – allowing for greater customer service and experience,” explains Brown.
Despite the tightening competition in the mortgage management sector, Macquarie has been able to achieve its internal business goals without trading off on profit. The next 12 months will be focused on relationship building and product development.
“We’re looking to forge new and stronger relationships in this sector. Quality business development is the aim – and the first step is to take away some of the time consuming administrative processes our mortgage managers face,” Brown says.
With plans to review processes, Macquarie is not alone in its decision to focus on strategic growth, indicating a promising period of competitive growth and improved practice for the industry.
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