Login
ISCOVER
Bendigo and Adelaide Bank plans to roll out a new lending platform to its brokers “as a first priority”, as it looks to bolster its offering to the channel.
The regional bank’s chief financial officer Richard Fennell told The Adviser that it is looking to capitalise on its long history of working closely with brokers and deepen its penetration of the channel.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
“Clearly many customers are making the choice to use brokers to work with them to select a home loan, and we certainly see opportunity to continue to grow in the channel,” Mr Fennell said.
In doing so, Mr Fennell explained that the regional bank aims to roll out its new lending platform to its broker business “as a first priority”.
“We’re making a significant investment in technology,” he said, adding, “we think that will allow us to move to a position of being competitive, from a technology perspective, with our offering to brokers.
“It’s an area of the business that we continue to invest in, and we look forward to continuing to grow the channel as it’s clearly attractive to many customers.”
Bendigo and Adelaide Bank on growth path
The bank recently agreed to purchase the $1.35 billion of standard residential loans from Western Australia government owned Keystart’s total loan book of approximately $4 billion.
Managing director Mike Hirst said the acquisition demonstrates the bank’s commitment to Western Australia.
“The acquisition complements our existing business in Western Australia and improves our geographic diversification by increasing the proportion of our loan book in Western Australia from approximately 11 to 13 per cent,” Mr Hirst said.
The purchase was formalised with the Western Australian state government last Thursday (29 September) and will be completed by early December 2016.
[Related: Regional bank slashes rates]
