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Bank evolves third party proposition

by Staff Reporter11 minute read
The Adviser

Jessica Darnbrough

One of Australia’s non-majors has significantly enhanced its broker proposition, launching a new referral program.

Yesterday, ING DIRECT launched a new broker referral program which allows its broker partners to refer its Orange Everyday transaction account to their existing ING DIRECT customer base.

The program, Orange Link, will trial distribution of a non-mortgage product via its extensive broker network until 30 June 2013.


“We’re keen to leverage our broker network to distribute more products, supporting our strategy to become our customers’ primary bank. This trial will allow us to better understand how we can best do this,” ING DIRECT’s head of third party distribution Mark Woolnough said.

“Many people, including third parties, still view us as a savings and home loan bank, but in the past few years we’ve evolved to become much more.

“We see value in the broker’s relationship with their customers and will provide all the relevant information to ensure the broker maintains control, while making it as easy as possible to refer. This presents another opportunity for brokers to maintain contact and deepen the relationship with their customers."

Accredited brokers will be given the tools to refer Orange Everyday and will receive a $150 referral fee for doing so. Customers will also be rewarded with a $50 bonus on activation of the account.

Orange Everyday gives free access to any ATM in Australia for ING DIRECT home loan customers. Among a number of other features, ING DIRECT is also offering five per cent cash back for payWave transactions under $100 for six months from the account opening.

ING DIRECT’s executive director, distribution, Lisa Claes, said the referral program was developed to not only help the bank build stronger relationships with its broker partners, but to take the lender to the next level.

“We want to be more than a mortgage provider, we want to be a true banking competitor. We also want our brokers to foster deep and strong relationships with their clients, and this program allows them to do that,” she said.

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