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Top non-major bank revealed

by Staff Reporter11 minute read
The Adviser

Jessica Darnbrough

For the third consecutive year, The Adviser has ranked Australia's non-major banks, with one lender convincingly beating its competitors to claim the top position.

ING DIRECT placed first overall, rating first in 11 of the 17 categories in the Third Party Banking Report – Non-Major Lenders, including turnaround times, business support, online lodgements and product range.

Last year’s winner, Suncorp Bank, also performed well in the ranking finishing second and taking the top position in three of the categories including pricing, policy and training and education.


Other lenders to have improved their broker offering according to broker feedback were Citibank, AMP Bank, Macquarie and St George.

Speaking about the results, which are based on the feedback from 595 brokers, ING DIRECT’s head of broker distribution Mark Woolnough said the lender was “genuinely overwhelmed and very happy with the strong results of the report”.

“We’ve made numerous enhancements over the past 18 months and it is great to see our brokers’ positive reinforcement of these changes across policy, technology, satisfaction and service reflected in the report.”

But not all the banks were as happy with the findings of the report.

Last year’s second place recipient Bankwest, fell back to seventh position in this year’s ranking after failing to hit a chord with brokers in a number of areas including commissions and client support.

Bankwest’s head of specialist banking Ian Rakhit slammed the findings, arguing that the broker perceptions recorded in the report were not in-line with the lender’s own research.

“We do not believe this survey is reflective of our broker partners given our own feedback, alternate industry surveys and our market share performance which depicts a very different story,” he said.

“We have experienced growth in our book during the current year and on average, this was three times system growth.”

The report, which surveyed the perceptions of 595 brokers and was analysed by research house RFi, appears in the latest issue of The Adviser, hitting desks later this week.

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