Future-proofing support for brokers

IN Partnership with

Bankwest general manager third party Ian Rakhit explains how the financial institution collaborated with brokers to develop an industry-leading end-to-end digital home loan experience

DEALING WITH the complexities of using technology has long been the cause of stress for brokers, but one lender now has what amounts to a one-stop shop to make things simpler. “We’ve invested significantly in digital innovation over the past few years to create a more efficient experience for customers and brokers alike,” says Bankwest general manager third party Ian Rakhit. Bankwest’s Broker Portal system has helped refine the financial institution’s service and create an end-to-end digital home loan experience, he says. The system is a simple, efficient one-stop hub with features such as live Broker Chat and live application-tracking. It aims to support brokers in their work, save them time doing tedious and sometimes repetitious paperwork, and enable them to get back to the customer coalface. “[It] means our brokers can focus more on meeting the needs of their customers, having more meaningful conversations with them at the right time, and enables them to deliver a brilliant experience,” says Rakhit.

Bankwest has been part of the fabric of WA for more than 125 years and today is committed to building a brighter future for all its customers and communities across Australia. It stands for simplicity and transparency, brilliant service and great value, and works hard to make banking easier for customers through self-empowering tools and honest human-to-human support when needed. Bankwest is committed to supporting its 1.1 million customers, particularly those in vulnerable circumstances, when help is needed most, with safety and security, guidance and support through direct assistance, advocacy and critical insights.

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“Our brokers can focus more on meeting the needs of their customers, having more meaningful conversations with them at the right time”

Ian Rakhit, Bankwest

Bankwest’s end-to-end digital home loan process allows customers to sign their contracts digitally from any device within minutes, reducing time to settlement. The system also sends documents to the broker 12 hours before sending to the customer, which allows last-minute errors to be caught, aiding the broker in proactively managing the relationship or even just congratulating the client. The amount of manual documentation is significantly reduced, while meeting all due diligence and regulatory requirements. This can help with self-employed customers who were previously considered more challenging cases.

Brokers are critical to Bankwest, says Rakhit, but this is true of many financial institutions, and it's important that Bankwest is putting its money where its mouth is. A strategy on paper does not mean much if it is not backed by action to maintain strong, collaborative and mutually respectful relationships. “We view brokers as customers in their own right, and we seek opportunities to make them successful and perform well for their customers,” says Rakhit. Specifically, that means sharing new data and insights such as leads, flight risks and back book; sharing the workload; and speeding up the process by removing rework and automating manual steps. Another part of the rationale behind supporting brokers and making life easier for them reflects Bankwest’s philosophy of supporting brokers as people, including with initiatives to keep them well informed.

“We view brokers as customers in their own right, and we seek opportunities to make them successful and perform well for their customers”

IAN RAKHIT, BANKWEST

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Brokers using Bankwest: 2021 milestones

Other features that were rejigged after broker feedback include moving the offset and card products to optional in the Complete Home Loan Package. “This was welcomed by brokers, who see the benefits of the package in terms of flexibility and rate,” says Rakhit. Bankwest has also made upfront valuations free for all brokers, and the DocuSign feature was recently extended to home loan transfers. Rakhit says brokers like the system because it is continually evolving to meet their needs, an important matter when it comes to handling changeable markets, a wide variety of individual situations and dizzying progress in technological capabilities.

Source: Australian Bureau of Statistics January 2022 Lending Indicators

Housing

$33.7bn

2.6%

18.2%

$22.7bn

Owner-occupier

1.0%

3.4%

Investor

$11.0bn

67.8%

6.1%

Year-on-year increase

Month-on-month increase

New borrower-accepted loan commitments (seasonally adjusted) – Jan 2022

Rise in loan commitments by sector

50%

increase year-on-year in Broker Portal logins

repricing requests submitted

>25,000

free automated valuation models self-served

~5,000

brokers submitted first Bankwest application

>1,000

Unique features Some aspects of the system are not available from competitors, such as the ability to not only lodge and track new applications but view existing loans. “This [feature] means brokers can now use the built-in repricing tool to self-serve the best possible interest rate for customers on the spot, which helps Bankwest retain customers, brokers provide an efficient experience, and customers to get the best deal available,” says Rakhit. He says the portal puts the broker in control and turns complexity into simplicity. Bankwest places a strong emphasis on its relationships with brokers and aims to be “Australia’s best broker bank”. Around 80% of Bankwest’s home loan customers are derived through a broker, and maintaining and strengthening an authentic, collaborative relationship with its more than 12,000 accredited brokers is a key part of the bank’s strategy.

More tools are in the works for the system, Rakhit says. “We will be looking to expand the number of valuations capable of being sourced through our Broker Portal using our automated valuation model, and to introduce dynamic LVR features into our pricing tool. “We're also currently in pilot phase of a new document tool for the Broker Portal, one that is being tested with a small group of brokers before we develop the roadmap to optimising and launching it hopefully in the not-too-distant future.” The whole broker The backdrop to the technology push is ensuring that customers have the best possible experience with the tool available – while acknowledging the crucial role of brokers.

Last year, Bankwest launched a broker learning library to help with professional development, providing access to a comprehensive bank of insights, videos and content for growing a business. It also ran motivational and information events for brokers through its Connect Events series, with speakers covering topics ranging from managing cash flow to the 2018 Thai cave rescue. Bankwest wants to be known as a company that is invested in the overall wellbeing of brokers, whether work-related or personal. A complimentary health and wellbeing program offers a confidential service to connect brokers with trained coaches to keep them physically, mentally, socially and financially healthy. “Our strategy is driven by a desire to truly partner with brokers and work together for mutual benefit,” says Rakhit.

“We view brokers as customers in their own right, and we seek opportunities to make them successful and perform well for their customers”

Ian Rakhit, Bankwest

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