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Bank of Sydney promises to be very accessible

by Nick Bendel9 minute read
The Adviser

One of Australia's new third-party lenders has said it will not disappoint brokers on service in the way that some other lenders do.

Bank of Sydney chief executive Julie Elliott told The Adviser in a video interview that brokers have been excited to have a new lending option as the bank goes through its 'soft launch' phase.

"They get let down by some of the other lenders who haven't got the service to back up what they do. Whereas when you bank with us, you have a relationship with all of us," Ms Elliott said.

"That's what we're bringing and what we see some of the other players not offering."

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Ms Elliott said Bank of Sydney is currently testing its systems with a limited number of brokers as it prepares itself for a full launch in the first quarter of 2015.

"We just wanted to make sure that all that end-to-end was right and also that our credit processes and our staffing levels would be able to handle the volumes, because we're really pinning our offering on excellent service," she said.

"So every stage along the way, from receiving the application to the bank manager handling it to the credit assessment, we wanted to make sure that it was a terrific end-to-end experience."

Ms Elliott said another thing the bank is testing is its unusual model, which involves getting branch managers to help brokers sign up customers.

Bank of Sydney needs to make sure its branch managers are properly rewarded for their efforts so the temptation for channel conflict does not arise, she said.

[Related: Bank of Sydney promises generous commissions]

Click here for Ms Elliott's video interview.

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