In pursuit of service excellence at CommBank

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CommBank is on a continuous improvement arc to provide optimal service to brokers, no matter how big or small, and help them keep pace with an ever-changing lending landscape

TO MAINTAIN a high level of service to their clients, one thing brokers need is confidence that the lender behind them is also at the top of their service game. But what does this mean exactly, in a world in which everything from the economy to the very tools of the broker trade are constantly changing? To keep standards high, a state of continuous evolution is needed. CommBank is a lender that understands the goalposts are nearly always on the move for brokers. Strategies that guaranteed success yesterday may not necessarily do so tomorrow – and brokers can sometimes be unaware that the ground is shifting beneath them.

At CommBank, we’re focused on giving our brokers more confidence with CommBank and delivering an exceptional experience for them and their customers. We are doing this by being reliable, transparent, accessible and adaptable. 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. 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. If you’re already accredited with CommBank, check out our 24/7 training hub – it’s all part of our commitment to giving you more confidence to build your business and deliver an exceptional homebuying experience to customers.

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“Delivering great products, service and value to our customers is at the heart of everything we do, and we are constantly improving our proposition to cater to our customers’ evolving needs”

Razia Khan, CommBank

“At CommBank, we seek to provide our broker partners with all the tools and confidence they need to continue to deliver an exceptional service experience to their customers. It is for this reason that we continue to enhance and improve our technology offering,” says CommBank general manager for third party banking Razia Khan. After launching a host of new tools last year to help brokers service customers rolling off fixed rates, CommBank is now further enhancing its tools for brokers to help them navigate customers through the uncertainties of the current economy. “Most recently, we upgraded our Home Loan Pricing Tool, implemented a Self Employed Deal Desk and appointed strategic relationship managers in each state to provide our brokers with greater business support,” says Khan.

Home loan pricing tool upgrades may not jump off the page as headline news, but changes such as these are exactly where it counts, a subtlety that can be easily missed. We live in a culture that celebrates dramatic breakthroughs, but the reality is that major leaps forward are the sum of years of effort, practice and ongoing improvements. This approach is known in professional sports as the marginal gains theory, the idea that small yet significant improvements can lead to monumental results. It is most famously associated with British Cycling and its phenomenal turnaround in performance from an also-ran team to one that often dominates both the Olympics and the Tour de France. CommBank is on the same continuous improvement arc in a constant search for optimal performance where there is no upper limit, only the next refinement. “Delivering great products, service and value to our customers is at the heart of everything we do, and we are constantly improving our proposition to cater to our customers’ evolving needs,” says Khan. When it comes to providing great service to brokers, a multitude of small and continuous improvements add up to a major competitive advantage. CommBank gives all new-to-bank brokers access to a specialised Onboarding Relationship Manager to help make their onboarding experience as seamless as possible. Its state-of-the-art Training Hub provides broker partners with access to a raft of materials and information to help them stay abreast of products and policies.

“We’re constantly seeking feedback from our brokers so that we can continue to improve and evolve in line with their needs,” says Khan.

Measures that have been adopted on the back of broker feedback include putting a renewed focus on business lending and the tools to help business customers; responding to the threat of cyberattacks on small businesses; and improving tools to be more compatible with working outside the office. The aftermath of the pandemic saw residential lending dwindle and more brokers enter areas such as commercial and business lending. As the need for know-how and training in such areas grows, CommBank is responding by providing extra education. “For example, this year we will play host to a series of small-business-focused state-based events. These events will provide attendees with important information and tools relating to key business areas, including recruitment and marketing,” says Khan. Cybersecurity is another issue front of mind for brokers right now. While the headlines naturally focus on brands that recently experienced cyberattacks, the reality is that many cybercriminals are opportunists looking for easy targets like SMEs to maximise reward versus the effort expended. This makes mortgage brokers – often small businesses with less stringent defences and access to highly valuable financial and personal information – prime targets for attack. According to the Australian Signals Directorate, the cost of cybercrime to businesses increased by 14% in the 2022/23 financial year compared to the previous financial year, making it an ever-growing concern for brokers and their clients alike. CommBank is helping brokers stay ahead of the curve. “Cybersecurity is becoming increasingly important for businesses, and brokers are no exception. We recently updated our Training Hub to include a raft of different resources and information that brokers can use to help keep their businesses secure,” says Khan. The bank has made improvements to some of its systems and processes, including the digital identification of customers and the implementation of digital documents, and is partnering with technology service provider to the lending industry NextGen to give brokers the ability to verify their assets and liabilities up front.

“We understand that different brokers need different levels of support. Knowing this, in 2024 our brokers can expect to see more tailored and bespoke events”

Razia Khan, CommBank

Customers have also come to expect more technological capability from banks to give them greater visibility over their financial situation, as well as greater control. “We provide customers with the flexibility to adapt their home loans to suit their changing needs. As part of this, we provide customers with the ability to easily switch their loan type, link multiple offset accounts and align their home loan repayments to when and how often they are paid,” says Khan. CommBank is pushing the envelope on providing modern tools to brokers and their customers, including loyalty incentives.

“We are currently upgrading our CommBroker Portal to give our brokers and their support staff greater access to their customers’ loan information. “In addition, we recently launched our customer recognition program, Yello. Through our CommBank Yello program, eligible customers are able to access a range of cashbacks, discounts and prize draws, as well as unique experiences. Looking ahead, the Yello program will continue to be built out, delivering even greater benefits to eligible customers,” says Khan. One key area that will dramatically affect the future lending landscape and those who operate within it is the ongoing rollout of open banking. CommBank has been involved from the start and is helping shape that future. “We are working closely with all of the industry’s head groups to ensure we are making the most of the new opportunities that will inevitably come off the back of the open banking regime, whilst still maintaining our prudent lending standards.”

Excellent Customer Service, 6 Golden Stars.

The importance of marginal gains

Ushering in the future of lending

Published 11 Mar 2024

Giving greater visibility over in-progress applications

Your Loans

Supporting you to have effective conversations with your customers

24/7 Training Hub

Providing ongoing education, workshops and access to materials and information

Self Employed Deal Desk

Workshopping scenarios to explain credit requirements and support applications

Redesigning the CommBroker portal in line with industry feedback

CommBank’s key focuses for next 12 months

Supporting broker business owners to grow their businesses

Implementing multi-factor authentication to help protect brokers and their businesses against cybersecurity threats

Continued investment in technology for an enhanced broker experience

Putting broker feedback into practice

Just as brokers come in different shapes and sizes, the problems and systems that need to be continually optimised require a range of approaches and tailored tools to ensure that brokers can continue to provide great service to their clients – whether they are just starting out or seasoned veterans looking to leave a legacy. As the economy continues to send out mixed signals, many brokers will be looking for all the support they can get in 2024. “We appreciate how important the third party distribution channel is, which is why we will continue to invest strongly in this channel,” says Khan. “We will also continue to invest in our tools and processes to ensure they’re fit for purpose and helping our brokers to deliver an exceptional customer service experience.” In addition to its ongoing investment in the channel, CommBank continues to seek feedback from the industry on the best ways to improve its service offering. To this end, the bank will soon host a roundtable event with the major aggregator heads to find out more about the key pain points for brokers and learn what it may be able to do to alleviate these areas of concern.

Levels of support for different types of broker

One size doesn’t fit all when it comes to the huge range of brokers in Australia, from independent operators to large organisations. Dealing with brokers every day, CommBank sees them encounter various problems throughout their careers, from finding a customer base, to learning new technology, scaling the business, taking on staff or opening a new office. “We understand that different brokers need different levels of support. Knowing this, in 2024 our brokers can expect to see more tailored and bespoke events and training that is suited to their unique needs and career stage,” says Khan.

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