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NAB gains ground in broker space as peers slip

by Charbel Kadib5 minute read
NAB gains ground in broker space as peers slip

NAB was the only big four bank to attract a greater share of broker lodgements in the latest release of Momentum Intelligence’s Broker Pulse report.

According to Momentum Intelligence’s latest Broker Pulse statistics – which involves a monthly survey of sentiment towards lenders across the third-party channel – NAB was the only big four bank to record an increase in broker usage over the month of September, up from 27 per cent to 34 per cent.

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This coincided with a second consecutive reduction in NAB’s turnaround times, which fell from an average of nine days in August to eight days in September – the lowest of the big four banks.

The service improvement was reflected in the bank’s net promoter score (NPS), which entered positive territory for the first time in 2020, increasing from -11 index points to 3 index points.

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Meanwhile, ANZ, the Commonwealth Bank of Australia (CBA) and Westpac each lost ground in the third-party channel over the month of September.

The share of brokers lodging mortgage applications with ANZ fell from 51 per cent to 46 per cent – the lowest level since February 2020.

CBA’s share of broker activity fell from 54 per cent to 51 per cent, after increasing from 48 per cent in the previous month.

Westpac continued to record the lowest share of broker usage among the big four banks, closing the month of September at 20 per cent, down from 25 per cent.

However, ANZ, CBA and Westpac’s performance came despite improvements in their turnaround times – albeit from a higher base.

ANZ’s turnaround times fell from an average of 26 business days to 21 business days – the highest of the big four banks.

CBA recorded a modest improvement in September following a sharp increase in August, with its turnaround times falling from an average of 11 business days to 10 business days.  

After spiking in August, Westpac’s turnaround times fell to an average of 17 business days, down from 21 business days in the previous month.

As a result, each of the major banks recorded improvements in their NPSs.

ANZ’s NPS improved from -72 in August to -40.6 – the lowest of the big four banks.

 CBA’s NPS returned to positive territory, rising from -4 to 2.9 index points.

Westpac’s NPS closed the month of September at -38, up from -50 in the previous month.

Brokers interested in joining Momentum Intelligence’s Broker Pulse panel can apply to Momentum Intelligence here. Participants of the survey will receive full access to the report and exclusive insights into the research. 

[Related: Broker satisfaction with CBA dives]

NAB gains ground in broker space as peers slip
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Charbel Kadib

Charbel Kadib

AUTHOR

Charbel Kadib is the news editor on The Adviser and Mortgage Business.

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