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Jessica Darnbrough
Suncorp's decision to introduce first year trail has paid dividends for the lender, with the bank reporting one of its biggest ever lodgement weeks.
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Speaking to The Adviser, Suncorp's bank general manager intermediaries Steven Heavey said the lender had been very busy both this month and last.
"In November, we had two of our biggest ever lodgement weeks," Mr Heavey said.
"Thankfully we have been tweaking and reviewing our back end processes to make sure they are more efficient, so we were able to handle the additional workflow with ease."
But changes to its back-end processes are not the only enhancements Suncorp has made in recent weeks.
Earlier this month, the lender tweaked its commission structure, offering bonus upfront commissions and reintroducing first year trail.
"We wanted to change our remuneration structure so that it was simple and easy to understand," Mr Heavey said.
"Moreover, one of the things I constantly hear from brokers, is that NCCP and the cost of compliance pretty much happens at the time they write the loan. I thought it was important that the remuneration reflected that, which is why we reintroduced trail in year one."
Not prepared to rest on its laurels, Mr Heavey said brokers should expect to see a lot more changes to Suncorp's broker proposition over the coming 12 months.
"We will also be looking at ways to expand our reach in 2012," he said.
"Presently, we are known as a bank that specialises in the first home buyer market – we want to change that perception. If we are serious about wanting to be an alternative to the majors, we need a suite of products that effectively cater to all market segments."
