The major bank has today announced the launch of a new campaign targeting brokers, which aims to highlight how they can write more loans for small businesses.
The campaign encourages brokers to ask their customers ‘How’s Business?’ in the hopes that it could lead to a range of new business opportunities, and deepen the broker-customer relationship.
According to the bank, 57 per cent of Australia’s GDP is generated by small- to medium-sized enterprises, and approximately a quarter of all applications coming to brokers are from small business owners.
As such, NAB said that this is an “opportunity-filled market”, adding that there is “clearly scope for brokers to grow their involvement in this field”.
General manager of broker distribution at NAB, Steve Kane said: “This campaign is designed to start conversations between brokers and their customers, and to help brokers diversify into small business lending.
“By responding to more client needs, brokers save their customers time and deepen their customer relationships. Many brokers are small business owners themselves, so there is a natural affinity as well.”
“There is immense opportunity in the small business market, and we hope by asking ‘How’s Business?’ brokers open up the door to new revenue streams,” Mr Kane added.
The announcement comes as NAB continues to roll out its reinvigorated small business offer, which applies to loans of up to $1 million, and includes access to equipment finance such as finance lease, hire purchases and equipment loans.
Under the refreshed offering, brokers are able to write one combined application for residential and small business deals, and are given access to one specialist BDM and banker team with expertise in small business and residential lending.
As well as this, the bank has a small business toolkit that guides brokers on what customer information to provide pending the type of transaction. Once completed, the tool then highlights to brokers whether an application could meet NAB qualifying criteria for the relevant loan.
A conversation tool is also available, in a bid to help brokers ask their customers the right questions to better understand their needs and any lending opportunity.
“We’re not just suggesting brokers start a conversation with customers – we are enhancing our services to make the transition into small business lending as smooth as possible for brokers and make NAB easier to do business with for those already writing small business loans,” Mr Kane concluded.
[Related: Major bank renews SME product for brokers]