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The digital bank has announced the appointment of Andrew Peng as its new state manager for broker partnerships in Victoria.
Mr Peng joins Alex Bank with over 10 years of experience in the finance industry, having previously held roles with Latitude Financial Services as a relationship manager in Victoria where he supported brokers with car loans and personal loans, as well as ANZ in frontline sales and banking operations.
Alex Bank chief growth officer Sascha Hunt said: “Andrew’s appointment is a testament to our commitment to continue to invest in our broker network.”
“His experience and passion for the finance industry will be a great addition to our team as we continue to expand and enhance our offerings,” Ms Hunt continued.
On his appointment, Mr Peng stated he’s “excited to be part of a team that prioritises deliver a strong broker and customer experience”.
“Alex Bank’s commitment to delivering simple products with fast outcomes is something I strongly believe in, and I look forward to contributing to that mission,” Mr Peng added.
Broker originations and launch of ADI term deposits
This appointment follows Alex Bank reporting rapid loan growth coming from the broker channel in between January and February of this year, with 90 per cent of new loans being stemmed from brokers since it was granted a full banking licence from the Australian Prudential and Regulation Authority (APRA).
The digital bank stated it has been focused on developing broker partnerships during 2022, having accredited over 75 per cent of lending aggregators in Australia such as AFG, COG Aggregation, Loan Market, and Fintelligence.
Additionally, Alex Bank launched term deposits in what it said was “a crucial turning point” in its lending growth journey in early February 2023.
Launched in partnership with Australian Money Market (AMM), the new product is designed to offer customers “secure and profitable” investment options under the protection of the Australian government’s Financial Claims Scheme deposit guarantee of up to $250,000.
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The product also provides the non-major bank’s customers with the security of locking a fixed rate of return and a bonus for customers who continue to roll over with the bank.
Simon Beitz, CEO of Alex Bank, said at the time of the launch: “This launch signifies a crucial turning point in our journey towards a full range of banking products and significant lending growth. It also presents us with the opportunity to match fund our own lending portfolio.
“I am proud of this product and firmly believe that we have introduced a robust offering to the market, with competitive rates and terms that will benefit our customers, protected by the Australian Government guarantee.”
[RELATED: Brokers account for 90% of new originations: Alex Bank]
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