Suncorp Bank received the Canstar 2022 Outstanding Value Investment Home Lender award in February 2022

Money magazine’s Business Bank of the Year 2022

Money magazine’s Bank of the Year 2022

Accolades

Media

Suncorp Bank strengthens partnerships with brokers

Enjoying a career in finance that stretches back more than 20 years, Troy Fedder knows a thing or two about brokers and the challenges they face. Fedder worked in senior third party managerial roles at two major banks for more than 10 years. Now, as head of broker partnerships at Suncorp Bank, he is passionate about ensuring its broker partners have fast, streamlined access to its competitive range of loan products. “I started my career in finance working as a bank teller, writing my first loan at the age of 20, then became a branch manager,” Fedder says. “Fast-forward (a few) years, I now lead Suncorp Bank’s broker partnerships business Australia-wide, driving high-quality outcomes for customers, aggregators and brokers. My role has end-to-end accountability for driving business performance, lending governance, broker support divisions, and now represents over 75% of all new home loans at the bank.”

Fedder says when he joined Suncorp Bank in December 2020, his goal was to examine the bank’s broker business, identify areas for improvement, and come up with a clear business strategy to bring those improvements to life. “I’m proud that Suncorp Bank’s broker partnerships is now one of the fastest-growing divisions within the Suncorp Group and the broker market,” he says. Fedder outlines several ways Suncorp Bank is improving its value proposition to brokers, including by launching new loans and digital ID tools, enhancing its broker portal, and streamlining the loan process. SunLight Loans A new product for Suncorp Bank, Fedder says SunLight Loans are an automated offering delivering fast turnaround times for lower-risk customers who meet the eligibility criteria. “These loans reach final decision within 48 business hours, and we’ve had great feedback on this process already,” he says. “It’s the latest proof point in our ongoing commitment to make things easier and more efficient for brokers and their customers.” Digital identification tools Fedder says brokers will be familiar with eSign, an electronic signing method for eligible home loan documentation that allows for a faster customer and broker experience. “We’ve now introduced SunVerify, an even more efficient digital verification solution,” he says. “It authenticates a user by linking their face to their ID. It’s all in real time via a smartphone – or other smart device – and eliminates the need for brokers to submit additional identity documents, for example proof of identity form, VOI certificate and copies of identification documents.” Fedder says Suncorp Bank has received great feedback on SunVerify. “It’s a tip our broker support team frequently offer on their calls: ‘Do yourself a favour and use SunVerify!’ ” Enhanced loan process “We’ve invested heavily in the customer and broker processes,” says Fedder. “From these investments, we have seen a reduction in median application turnaround times and, not surprisingly, a significant increase in home loan customer and broker satisfaction.” A recent independent analysis conducted by NextGen for Suncorp Bank revealed a 42% reduction in turnaround times in the past 12 months, with some loans turning around in six business hours.

Fedder says this a huge improvement that the team is extremely proud of. “Our Suncorp Bank SunLight Loan is a great example of this success.” Broker portal improvements Suncorp Bank has upgraded its broker portal by enhancing the search function and providing overall better information accessibility for brokers. Fedder says SunVerify was recently added to the portal, and “intuitive changes” have been made to the portal’s dashboard tabs and login page. “We’re still making improvements, but we have a range of ‘how-to guides’ with additional information on our latest offerings and enhancements, including eSign and FASTRefi®. “It’s a great option for brokers who want to self-serve at a time that suits them – for example, see status of applications, use our calculators, etc.”

Refinancing Fedder says there’s no doubt the market is entering a refinancing phase. “So we’re focusing on enhancing our FASTRefi® process, which allows brokers to fast-track refinance settlements. “Many lenders only use this function for direct channels, but we don’t differentiate between broker and direct. It means customers can start saving with quicker access to better interest rates.” FY22 performance and the road ahead Looking at residential mortgages, it’s definitely a good-news story for Suncorp Bank. The bank enjoyed home lending growth of $4.1bn in FY22 and outperformed the market, reaching 1.8 times system in the second half of the financial year, says Fedder. “With interest rates rising and trending towards a refinance market, our plans for the next 12 months are to continue our digital engagement and origination capabilities, add joint account online origination, prefilled income, expense data, and continue optimising our broker portal." Fedder says Suncorp Bank’s commitment to better processes that allow a faster time to yes is unwavering. “We recently merged our home lending and business banking BDM teams with a goal to improve the service offering through a streamlined approach. Business banking is a key focus for us, and its growth across four segments – SME, commercial, property finance and agribusiness.” In terms of the best interests duty, Fedder says the bank’s team actively demonstrates why the lender is an excellent option under BID. “We have competitive offerings and policies, market-leading turnaround times, excellent digital processes in SunVerify and eSign and FASTRefi®, a refinancing outcome for brokers and customers – who can save money faster,” he says. “One thing I’m very proud of as a leader is the support and service my teams provide our brokers. We have some of the best BDMs and support teams in the business, who drive high-quality conversations with brokers to review their customers’ needs and goals.” Fedder says Suncorp Bank has spent the past 12 months concentrating on getting “match fit” – identifying key opportunities to grow across Australia, and then “we put the resources and expertise in place to make sure we could deliver on our growth plan”. “It’s been an incredible year of growth in home lending, and we’re excited for the one ahead, including a potential acquisition from ANZ if all approvals are received,” he says. “We want our broker partners to know this development will allow Suncorp Bank to continue to deliver strong outcomes for our people, customers and brokers.” If the deal is successful, Fedder says Suncorp Bank will continue to operate as a standalone business, backed by a larger financial institution. “We will continue supporting our customers and investing in our relationship with brokers, including introducing processes and policies that make it easier to do business with us.”

Spotlight

At Suncorp Bank, we are committed to creating a brighter future and delivering banking that's good for our customers and the community, driving towards sustainability and delivering profit with purpose. We bring that commitment to life by providing banking solutions that support sustainability and our customers’ financial wellbeing. We’re committed to brokers and to consistent policies that make it easier for them to do business with us. Our award-winning products and competitive interest rates set us apart from other lenders. We’re focused on making Suncorp Bank the best in the market so that, under the best interests duty, brokers can choose an organisation that delivers value.

Company Profile

1902

Year established

3,000+

Employees

1m+

Bank customers

18,000+

Accredited broker partners

$62.1bn

Total lending

Bio

Spotlight

Milestones

Media

Accolades

Company Profile

Years of Experience

Tenure at current position

2017 - Present

favoUrite quote

“High-performing teams always find a way to deliver for our brokers and customers”

Troy Fedder

Head of broker partnerships at Suncorp Bank

Brokers are vital partners to Suncorp Bank, helping drive its growth and success. Head of broker partnerships Troy Fedder talks to MPA about how its new technology and process enhancements are producing a better broker experience

Read on

“We’ve invested heavily in the customer and broker processes. We have seen a reduction in median application turnaround times and, not surprisingly, a significant increase in home loan customer and broker satisfaction”

Troy Fedder, Suncorp Bank

“We have some of the best BDMs and support teams in the business, who drive high-quality conversations with brokers to review their customers’ needs and goals”

Troy Fedder, Suncorp Bank

IN Partnership with

Sept 2021

Feb 2022

Apr 2022

Jul 2022

2019

Aug 2022

Suncorp Bank introduces Solar Home Bonus offer for customers who are choosing renewable energy for their homes

Sept 2021

Month-on-month market share growth commences

Feb 2022

Suncorp Bank wins the Canstar award for most outstanding value in investment loans

Apr 2022

Suncorp Bank wins Money Magazine’s Bank of the Year and Business Bank of the Year awards for the fifth year in a row

Jul 2022

Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.

2019

Suncorp Bank’s turnaround times are the lowest they have ever been. The lender becomes Australia’s first certified carbon neutral bank for both its operation and transaction services

Aug 2022

Milestones

AMAs 2018 Most Effective Online Presence – Lender finalist

AMAs 2018 Non-Major Bank of the Year finalist

AMAs 2019 Bank of the Year finalist

$48.1bn

Total deposit

Companies

People

Newsletter

About us

Authors

Conditions of Use

RSS

News

Mortgage Industry

Best in Mortgage

Specialty

Resources