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Non-major lenders need to keep searching for ways to improve if they want to continue to compete with the big four, according to brokers.
It comes after The Adviser released the results of its annual non-major rankings, which found that non-majors are generally performing well but sometimes struggling to get attention.
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Finance Made Easy director Tony Bice said the large volume of applications sent through the big four meant that non-majors need to constantly look for points of differentiation.
He told The Adviser that continual product refinement and sharp pricing would keep non-majors “top of mind with brokers, which they rely so heavily on for their volumes”.
Hayley Grant, director of HMG Home Loans in Brisbane, said non-majors should make personal service their point of difference.
“They need to offer the service of a small bank, but the overall strength of a big bank,” she said.
Shannon O’Neill from Clarity Financial Group said non-majors need to increase their marketing if they want to win more business.
“I can only speak from our experience in Canberra, but people here generally like familiarity when choosing a lender,” he said.
However, Steve Pratt, owner and manager of Mortgage Choice Noarlunga, does not believe the sole focus should be on what non-majors can do better to win business.
“I think the question should instead be, ‘What can the majors learn from the minors?’” he told The Adviser.
The non-major bank sector is explored in greater detail in the current issue of The Adviser magazine
[Related: Smaller banks confident of gaining ground on big four]
