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BDMs at the smaller banks and non-banks rated well among brokers in May and contributed to overall record-high satisfaction, according to Broker Pulse.
Analysis of the latest monthly Broker Pulse survey from Agile Market Intelligence has revealed that the business development manager (BDM) index score rose to a record high of 65 in May, beating the previous record of 64 in April.
The survey of 275 brokers was conducted between 1 and 19 June 2024 to understand brokers’ experiences with lenders when submitting loan applications in May.
Many of the smaller authorised deposit-taking institutions (ADI) – which were used by less than 20 per cent of the broker respondents – and non-banks received satisfaction ratings of over 80 per cent, which the researchers said highlighted the strength of their relationship with brokers.
Indeed, BDMs at five of the 14 less commonly used ADIs received a 100 per cent broker satisfaction rating in May, including Bank Australia, BCU, Beyond Bank, Newcastle Permanent, and P&N Bank. Brokers commented that the BDMs were responsive and provided assistance when required.
At the other end of the spectrum, Bank of Sydney scored the lowest satisfaction rating among the small ADIs (at 50 per cent), followed by ubank and BOQ (60 per cent).
Out of the 10 non-banks included in the survey, RedZed scored a 100 per cent satisfaction rating from brokers, while Bluestone Mortgages and Advantedge scored 92 per cent and 88 per cent, respectively.
None of the most commonly used lenders received a 100 per cent satisfaction rating for their BDMs; however, Bankwest ranked first for this segment with 93 per cent of brokers reporting a positive experience.
Macquarie Bank came second after being behind by 1 percentage point (92 per cent), followed by Suncorp (88 per cent), ING (85 per cent), and ME Bank (84 per cent).
Out of the most commonly used banks, brokers assigned the lowest satisfaction ratings to Adelaide Bank and St.George, at 69 per cent each. Broker feedback about the BDMs at both banks varied, with some praising them for their service.
However, one broker commented that communication from the BDM and credit assessors at Adelaide Bank was “extremely poor”, adding that they were not proactive or even reactive to queries. However, the Adelaide Bank brand has been going through a retirement stage for the past few months – after Bendigo and Adelaide Bank announced it was transitioning its broker offering to Bendigo Bank.
A broker who used St.George Banking Group said responsiveness of the BDM needs to improve, while another urged the bank to provide their BDMs with more training.
Credit assessors maintain stronghold
Credit assessor scores remained strong but dipped month on month from 57 to 55 in May, the Broker Pulse survey showed.
The latest Broker Pulse survey results mirrored BDM ratings, with five of the 14 less commonly used ADIs scoring a 100 per cent satisfaction rating from brokers.
Similar to its BDMs, credit assessors at RedZed scored a 100 per cent satisfaction rating, along with Connective Home Loans.
Among the large ADIs, Macquarie Bank returned to the top of the pile after being usurped by ME Bank in the previous month. The non-major bank received a 97 per cent satisfaction rating for its credit assessors.
ME Bank tumbled to eighth position in this month’s Broker Pulse survey after the satisfaction rating for its credit assessors plunged from 100 per cent in April to 74 per cent in May.
The lender’s overall satisfaction rating also dropped month on month from 99 per cent to 84 per cent in May as satisfaction levels with its BDMs and application process also decreased.
Only 1 percentage point separated Macquarie Bank from Bankwest, which received a 96 per cent positive rating in May. This was followed by AMP Bank (88 per cent), the Commonwealth Bank of Australia (87 per cent), and ING (84 per cent).
According to the major annual broker survey, the Third-Party Lending Report, the quality of and access to credit assessment staff are now the top priority for brokers when making lender recommendations.
Credit assessment staff at Macquarie Bank and Bankwest were deemed the best among the banks by brokers over the year in the Third-Party Lending Report.
To participate in next month’s Broker Pulse survey or for more information, click here.
[Related: Credit assessment staff now top priority in broker recommendations]
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