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The mutual lender has launched a new broker chat function and signed onto another aggregator panel as it ramps up its broker offering.
P&N Group has announced a range of new initiatives to broaden its broker offering, including a new aggregator partnership, a new chat function for brokers, and an updated offering for broker clients rolling off their fixed rates.
The lending group (which trades under the P&N Bank brand in Western Australia and BCU Bank in NSW and South-East Queensland) has been renovating its third-party presence since bringing in Kaine Adamson to head up its broker strategy last year.
New chat function
This week, the group launched its web chat function for P&N and BCU brokers wishing to discuss deals and ask questions to the broker support team.
The chat function is built into broker hub and aims to accelerate the speed at which brokers can check applications in progress and receive immediate support for general questions.
According to the lending group, the chat function was developed following feedback collated through hundreds of broker surveys and 40 “deep dive interviews” with brokers.
It enables brokers to ask questions when and where they wish without having to wait on hold.
Speaking to The Adviser, P&N Group’s general manager, broker, Mr Adamson said: “We went through the research and spoke to brokers and they said while phone and email [were] great, they wanted other methods of connecting with us. We already had chat tech built for our members, so we have been able to roll the existing platform out to brokers, and it’s been really well received.”
While the chat function currently feeds into the broker support team, Mr Adamson said brokers can ask credit questions for escalation to the credit assessment team. He added that P&N Group aims to build on the chat capability long-term so that brokers can talk to the credit assessors via chat, too.
He added the group had also implemented a new case management process where brokers can speak directly with a dedicated assessor, who will manage their application from submission through to approval.
This has reportedly improved turnaround times by reducing the number of times an application is handled.
“We take our brokers’ feedback seriously and believe that investing in their suggestions is key to improving their experience with us. We want to make sure that the next phase of the process is easy and hassle-free for them,” Mr Adamson said.
“That’s why we’ve launched new web chat functionality to help P&N and BCU brokers connect with our team in real time, get immediate support and assistance, and receive accurate and fast feedback on applications in progress.”
Mortgage Choice panel
The lending group has been working to expand its national footprint — particularly on the east coast — and recently joined a new aggregator panel.
After 13 years on AFG’s panel, P&N Bank has also now joined the lending panel of Mortgage Choice.
Mr Adamson commented: “The group has experienced significant growth in broker loan volumes and market share following these new partnerships.
“Overall, we have grown the value of P&N and BCU broker loans on our portfolio by just over 20 per cent this financial year through our expanding network of over 2,000 accredited brokers.”
The head of broker added that investment in the third-party channel continued to be a priority for P&N and BCU, given broker market share now exceeds 70 per cent.
Roll-off rate
Noting that the mortgage market is now approaching the ‘fixed rate cliff’, Mr Adamson said that the lender has tweaked its roll-off rate for customers coming off their fixed term.
He explained: “By listening to our brokers, we discovered they were spending a lot of time repricing when clients were coming off maturing fixed-rate loans.
“Traditionally, fixed-rate loans roll onto standard variable rate products which can have an interest rate anywhere between 2–4 per cent higher than acquisition rates. This causes repayment shock for customers and requires a lot of effort from brokers to negotiate better rates with their existing lender.
“We knew we had to find a better way that we could deliver better long-term value to our customers, while also minimising the administrative burden for our brokers.
“That’s why we made the decision to roll all new and existing P&N and BCU fixed rate customers onto one of our competitively priced acquisition products, which is a win-win situation that has been well received.”
[Related: Broker channel ‘fundamental’ to future growth: P&N Group]
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