Equipping brokers with the best technology
IN Partnership with
CommBank has introduced new technology to ensure brokers have the latest customer information at their fingertips, particularly regarding clients who will be rolling off fixed rate home loans this year
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TECHNOLOGY IS RESHAPING the financial services industry, revolutionising the way both banks and brokers provide services to their customers.
While the shift to digital tools and communication was already happening before COVID-19 hit Australia, the pandemic supercharged their adoption – those businesses that didn’t have these systems already in place had to move quickly or get left behind.
It’s fair to say that customers have driven the growth of digital banking. They find online banking and banking apps fast and convenient, and this desire for speed and efficiency is also apparent in the mortgage finance industry.
To help their customers secure finance for their dream homes, mortgage brokers want banks to provide fast turnarounds on loan approvals and settlements, and this relies on having the right technology in place.
CommBank general manager third party banking Adam Croucher
At CommBank, we know brokers deliver exceptional outcomes for customers, which is why we’re focused on delivering simpler, better and easier processes to provide brokers with an enhanced level of support every step of the way. Our strategy has been designed based on broker feedback and focuses on how we can improve the experience and build a strong and more sustainable third party banking channel that helps you – our broker partners – to support more customers in achieving their homeownership goals. If you’re not already accredited with CommBank, now is a great time to join us, as we’ve simplified our accreditation process. Head to www.commbank.com.au/home-loans/broker-accreditation.html to find out more. And if you are already accredited with CommBank, check out our free 24/7 training hub – it’s all part of our commitment to being better together and supporting you every step of the way.
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Technology initiatives undertaken by businesses, 12 months to May–July 2022*
Increased investment/upgraded technology
“Enhanced technology not only makes it easier for brokers to transact with us, but it also saves them time and enhances the experience of their customers”
Adam Croucher,
CommBank
Croucher says broker technology is critical to the experience of CommBank’s broker partners and their customers.
“Our ongoing investment in this technology reflects the value we place on these tools,” he says. “Enhanced technology not only makes it easier for brokers to transact with us, but it also saves them time and enhances the experience of their customers.”
CommBank recently introduced tools such as Digital ID, Digital Signature and Digi Doc, all designed to streamline the homebuying process for broker partners and their customers, Croucher says.
“Having the right technology in place allows brokers to share up-to-date information with their clients quickly, helping them to make informed decisions when it matters most.”
CommBank recently launched Your Loans, its new post-settlement tool that allows brokers to see key post-settlement customer information such as product information, interest rates, repayment amounts and the remaining loan term.
Your Loans can be accessed from CommBroker, which means that in just a few clicks brokers can access client information in one place, Croucher says.
“In addition, Your Loans allows brokers to filter their client portfolios based on a range of variables such as fixed rate expiry, discounts and loan type – giving brokers their own CommBank CRM system.”
CommBank is also enhancing its Loan Tracker by providing broker partners with more transparency and information throughout the home loan journey. This additional level of detail includes more information about an application's progress, status, case manager and estimated time to the next stage.
“We know that waiting for final loan approval can be both an exciting and anxious time for customers, so by arming our brokers with this extra level of detail they are better placed to answer customer questions and guide them through the loan application process,” Croucher says.
He adds that CommBank is continuing to enhance its Broker Training Hub for its broker partners. Launched in 2022, the training hub provides a one-stop shop and streamlined process for brokers to access all their CommBank training resources and information.
“It’s all part of our commitment to improving your digital experience and making it simpler, better and easier to work with CommBank.”
Once a maturity offer is accepted, brokers can see the dates and pending rates that a customer will roll off onto, giving them the visibility and certainty that everything is set up correctly. “This gives brokers confidence that their customer will have a great experience.”
Croucher says the new functionality, thanks to the Your Loans portal, complements the work the bank has previously undertaken to connect with broker partners and “advise them of their customers’ upcoming fixed rate loan maturity [dates] and any personal discounts available to them”.
“The implementation of our Your Loans portal enables our broker partners to have informed and detailed conversations with their CommBank customers, without the need to contact us to gather the required information,” says Croucher.
“This new level of functionality not only improves the value proposition for brokers but also enhances the experience for customers with a CommBank home loan.”
Croucher says the bank’s customers have a range of tools through its NetBank website and CommBank app that support customers in their day-to-day management of their funds – from tracking spending habits through to knowing when their bills are due.
As technology use increases, there’s always a danger that the human element will be lost, but this is something CommBank is acutely aware of.
“We are dedicated to ensuring we get the balance right between digital technology and human communication to allow us to best support our brokers,” says Croucher.
“Our technology is supported by our team of dedicated relationship managers and support teams. Striking the right balance means our brokers can access the information they need when they need it through our digital tools, but they also have a dedicated relationship manager who ensures there is always a support system in place when it’s needed.”
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The importance of broker technology
New CommBank tools
Published 10 Apr 2023
“Your Loans allows brokers to filter their client portfolios based on a range of variables such as fixed rate expiry, discounts and loan type – giving brokers their own CommBank CRM system”
Adam Croucher,
CommBank
0
10
20
30
40
50
60
56%
Worked with technology companies/vendors to improve the business
50%
Reviewed the business' technology for improvement
49%
Upskilled the technology capabilities of staff
48%
Increased investment in cybersecurity measures
46%
Sought professional advice from IT consultants/technicians
46%
Increased the number of employees with technology skills
37%
Increased the number of employees with data analytical skills
34%
Added technology expertise to senior management and/or the board
26%
Source: CPA Australia Business Technology Report 2022
*Based on a survey of businesses across the Asia-Pacific, including Australia, during this period
CommBank Your Loans self-service tech tool for brokers
Provides access to latest information about brokers’ CommBank portfolios
Helps brokers to keep up to date with customers’ post-settlement loan information, including:
product details
interest rates
repayment amounts
loan terms, and more
The Loan Tracker is brokers’
main tool for
all in-flight applications in the CommBank portfolio
tells MPA about the bank’s major investment in broker technology, and how its new tools are better servicing the needs of brokers and their customers.
Croucher says this is even more important in the current rising interest rate environment as brokers need to be able to act quickly and have the flexibility to service their customers’ needs at a time that suits them. “We’re investing in the tools to allow them to do this.”
Human interface vs digital technology
The Reserve Bank of Australia predicts that 880,000 home loan customers across the country will roll off fixed rates in 2023 to face much higher interest rates. So, how will CommBank’s tech platform help brokers manage fixed rate maturities?
Croucher says the Your Loans portal provides brokers with visibility over their entire CommBank portfolio, including customers with fixed rate home loans.
“Brokers can see a number of important details, such as their customer’s fixed rate loan maturity date as well as any applied discount offers that a customer will receive when they roll over
to a standard variable rate home loan,” he says.
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