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A former broker head has returned to MyState Bank to tackle turnaround times and the lending service proposition in his new role of general manager, banking.
Huw Bough has returned to MyState after two years, having previously served as the group’s general manager of retail banking, business banking and broker.
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Mr Bough was most recently the chief operating officer for a joint venture he helped to establish with medical defence organisation Avant.
He consulted for Avant, following more than four years overseeing the leadership, operation, customers services and sales performance of MyState’s banking and broking divisions.
In the new position, Mr Bough has been tasked with building growth in MyState’s retail banking and broker divisions, with a particular focus on strengthening the bank’s broker service proposition – including loan approval turnarounds.
The new general manager of banking noted that while the home loan market remains competitive in Australia, the bank is targeting independent brokers for rapid growth.
“The increased demand flowing into the housing market is buoying broker confidence,” Mr Bough said.
“However, we know that brokers are frustrated. They are primarily frustrated by the slow turnaround times being offered by the big four banks. These bottlenecks in processing times are also felt by Australians looking to secure their first home.”
According to a survey conducted by MyState in April, 75 per cent of brokers said they believed turnaround times had worsened since the end of 2020.
“We understand that brokers and their clients need a faster service proposition from lenders, which is why MyState Bank remains committed to supporting brokers by delivering consistently fast conditional and unconditional turnaround times,” Mr Bough said.
MyState managing director and chief executive Melos Sulicich commented the team is “delighted” to have Mr Bough “step into this important role as the bank embarks on the next chapter of its growth story”.
“Huw has an exceptional understanding of our business and our service proposition, and he appreciates the important role that MyState Bank plays in the lives of our customers and the broker community,” he said.
“There is a big opportunity before us with Huw on board to build on the strong momentum of our retail and broker operations.”
Previously, Mr Bough served in leadership positions at RAMS Financial Group and Westpac, including as general manager, franchisee business and general manager, mortgage broker distribution.
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