ME Bank’s strategy to drive broker success
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ME Bank is revolutionising its broker channel with cutting-edge technology, aiming to streamline processes and enhance customer service as its owners, BOQ Group, strengthen the brand
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THE PIT STOP is one of the most important and yet underrated parts of any Formula 1 race. While the pause might seem like a setback, it’s an essential moment for the team to refuel, change tyres and ensure the car is running at peak performance.
Success comes from the right balance of speed, technology and well-planned strategy.
BOQ Group is taking a page from the Formula 1 playbook with its bold step to reshape its broker channel by leveraging cutting-edge technology, aiming to streamline processes and elevate customer service.
For over 30 years, ME has helped 300,000 Aussies achieve their homeownership goals. In 2021, ME joined BOQ Group, a thriving network of challenger brands, and together we’re on the journey of transforming how customers and brokers do their banking. Our strong broker relationships mean we can get to ‘yes’ quickly and smoothly with great pricing and the support of your business development manager to make things happen.
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Features of ME’s digital mortgage offering
Advanced process automation
“By consolidating our focus, we’re ensuring a smoother migration to next-generation platforms. It’s a short-term adjustment for long-term gains”
Johnny Lockwood,
BOQ Group
Johnny Lockwood, general manager broker and strategic partnerships at BOQ Group, acknowledges that changing gears in this way hasn’t been without its challenges.
“In September 2023, we made the strategic decision to pause taking Virgin Money home loan applications for new customers. This pause was fundamental for streamlining our operations as we build out and transition to a new, advanced core banking and mortgage application system,” he says.
The pause extended to Bank of Queensland home loan applications through the retail broker channel in August 2024. These moves, while significant, are part of a larger plan to migrate to next-generation platforms.
Lockwood emphasises the pit stop nature of the disruptions as necessary to serve brokers better in the long run. “By consolidating our focus, we’re ensuring a smoother migration to these next-generation platforms. It’s a short-term adjustment for long-term gains,” he explains.
Central to this change is a comprehensive technology transformation designed to simplify the broker experience, from faster document uploads to seamless e-sign capabilities. This initiative is part of a broader strategy to strengthen the ME brand within BOQ Group, positioning it as the key player in the group’s broker market strategy, with a focus on innovation and efficiency.
Lockwood highlights the ambitious scope of this transformation: “Our technology transformation is a key part of BOQ Group’s plans to roll out a brand-new digital mortgage offering across the retail brands. With this new home loan proposition, we’re not just streamlining processes; we’re making them faster, smarter and more efficient.”
This digital-first approach aims to simplify the entire application journey, benefiting both brokers and customers. The upgraded system includes enhanced automation, simplified document uploads, faster missing information requests (MIRs), e-sign capabilities and more streamlined customer identification.
For customers, this means a smoother onboarding experience and, following origination, access to improved self-service options for managing offset accounts, repayments or direct debits – all conveniently available through the app.
It’s clearly a broker-first mindset that has guided the development of this new platform.
“We’re excited to introduce this technology uplift through ME’s broker channel first, demonstrating our strong commitment to the broker industry,” says Lockwood.
The rollout of this new technology is being carefully managed. “In September, we began a live staff pilot to settle home loans on this platform. As we continue to refine and validate the system, we’ll roll it out in phases to our broker partners next year.”
While the new technology is being developed, ME isn’t standing still. Lockwood highlights the bank’s current offerings: “The ME brand remains strong in the broker market, and we take pride in our commitment to keeping things moving quickly for brokers. We’re consistently recognised by aggregators as one of the top five lenders for speed to unconditional approval.”
ME has introduced several updates to simplify processes, including NextGen eSign for digital signatures and NextGenID for online identity verification. These tools, combined with comprehensive credit reporting, significantly reduce paperwork and streamline operations.
The bank has also focused on making pricing more accessible and flexible for brokers. “We make it easy and quick for brokers to access discretionary pricing for new and existing customers, thanks to the automated Pricing Tool available via our Broker Portal,” Lockwood says.
ME’s commitment to brokers extends beyond technology. The bank has restructured its support teams to provide more personalised service.
“Starting this September, we’ve reduced the portfolio sizes for our business development managers. This means your dedicated BDM will have more time to focus on you, allowing for deeper, more personal connections.”
This change ensures that brokers receive prompt, same-day support when needed. Additionally, each BDM is backed by a business development officer, ensuring continuous support even when the primary contact is unavailable.
Lockwood emphasises the importance of this dual support system: “Whether your BDM is out on the road or attending a conference, you can be confident there’s always someone available to assist with your queries.”
The bank has also maintained its broker support line as a key resource. “Whether you need an application update, run into an issue, or need to speak with a credit officer, our team is just a call away. This support extends to existing Virgin Money and BOQ broker customers as well,” Lockwood says.
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Changing gear on the road to a new digital frontier
Bridging the gap and optimising support for brokers
Published 21 Oct 2024
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“The ME brand remains strong in the broker market, and we take pride in our commitment to keeping things moving quickly for brokers”
Johnny Lockwood,
BOQ Group
Simplified document uploads
Faster missing information requests (MIRs)
E-sign
capabilities
Streamlined customer identification
A good deal for
higher-LVR clients
$2,000 cashback on purchases with LMI¹
Competitive rates
Consistent
turnaround times
100% online
application process
Apply from 30/09/24 and settle within 120 days. LMI required,
min. loan $400k and LVR over 80%. T&Cs, credit and other eligibility criteria apply. Australian Credit Licence Number 244616.
1
This expansion into higher-LVR lending demonstrates ME’s commitment to providing accessible home lending options across various market segments. The purchase cashback offer, which extends to investors as well, is designed to broaden ME’s appeal and provide tangible benefits to a wider range of borrowers.
Lockwood also addresses ME’s position on first home buyers: “Although ME is not taking part in the First Home Buyer Guarantee program, we are still an excellent choice for first home buyers to consider who may not meet the eligibility criteria due to income or property price limits.”
This approach positions ME as a flexible alternative in the market, catering to borrowers who might fall outside the parameters of government schemes but still require competitive lending options.
Expanding market horizons and broker opportunities
As ME enhances its technological capabilities, it’s also exploring new market segments. Lockwood outlines the bank’s latest initiatives: “While our recent focus has been on lower-LVR lending and refinancing, we’ve identified an opportunity in the higher-LVR market, especially for loans above 80% LVR. In response, we’ve sharpened our rates for this segment and, in partnership with Helia, are excited to offer a $2,000 purchase cashback for homebuyers needing LMI.”
Lockwood is optimistic about the future. “By prioritising efficiency, personalisation and accessibility, we’re not just keeping pace with the digital revolution – we’re leading the charge,” he says. “Our goal is to create a seamless, consistent experience that brokers can trust when recommending ME to their clients.”
Next year will be crucial as ME begins to roll out its new digital mortgage platform to brokers. This phased approach will allow for fine-tuning and ensure that the system meets the high standards set by both the bank and its broker partners.
In an industry in which relationships are as important as technology, ME’s dual focus on digital innovation and personalised support positions it well for future growth. By investing in both cutting-edge systems and human connections, ME is crafting a broker experience that combines the best of both worlds.
Just like a pit stop sets up a Formula 1 race car for optimal performance in changing conditions, ME’s technology overhaul is setting the foundation for a faster, more efficient broker experience.
Accelerating towards long-term success
The bank’s strategy of pausing certain operations to focus on technological upgrades, while maintaining strong support for brokers through ME, demonstrates a long-term vision for growth and improvement.
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