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The major bank’s new portal enhancement will help ‘arm brokers’ as fixed-rate ‘mortgage cliffs’ approach, CBA has explained.
A new self-service tool to give Commonwealth Bank Australia (CBA) broker partners “greater visibility over their portfolios” was launched on Monday (20 February), the major bank has confirmed.
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Part of the CBA’s CommBroker facility, the new Your Loans tool was designed and refined via broker feedback, the bank has confirmed.
Third-party banking general manager at CommBank, Adam Croucher, explained that brokers can now check aspects of their clients’ loans and help them facilitate better client conversations.
“This week we launched Your Loans, a new self-service tool in CommBroker designed to give our broker partners greater visibility over their portfolios,” he said.
“The new tool, which was built following broker feedback, is designed to provide brokers with access to their customer’s key post-settlement information all in one place.
“This includes the ability to check things like a customer’s product details, interest rates, repayment amounts and remaining loan terms.
“Importantly, this new tool will also help ensure customers are making the most of the features of their CommBank home loan.”
Specifically, by using Your Loans, a broker can check that a customer’s offset accounts have been linked correctly, potentially helping their customers save on interest, the bank outlined.
Your Loans also allows brokers to check their customer’s repayments are accurate and the repayment frequency is correct, it confirmed.
“In a rising-rate environment and as customers near the end of their fixed rate term, Your Loans will also help brokers have conversations with their customers about the next steps in their home loan journey,” Mr Croucher highlighted.
He said that Your Loans provides brokers with details about their customers’ fixed-rate loan expiry date and will also show any available discounts offered by CommBank after the fixed-rate loan matures, “arming brokers with the information they need” to have informed discussions with their customers.
How it works and will evolve
Brokers can access the Your Loans post-settlement digital tool via CommBroker; after logging in, brokers will see a new tab labelled ‘Your Loans’, CBA explained.
If brokers have questions about the new tool and how to use it, the bank has created a Quick Reference Guide (QRG), which is available on its Training Hub, it added.
“We are excited about the launch of Your Loans and throughout the year will be adding additional features as we invest even more into optimising our broker technology,” Mr Croucher stated.
“Our investment in brokers’ digital experience is all a part of our commitment to making it simpler, better and easier to work with us,” he explained.
Investing in new technology
The idea behind the tool’s update is to brokers “in the driving seat” by delivering “a simpler, better and easier experience”, CBA has expressed.
Post-settlement loan information includes product details, interest rates, repayment amounts, remaining loan terms and more, while loan tracking will still be a broker’s “main tool” for all inflight applications in their portfolio, it outlined.
A broker’s ability to access information on their clients’ settled loans has formed a major part of the feedback that CBA received, Mr Croucher confirmed.
Commenting prior to the launch, Mr Croucher explained: “You [brokers] will no longer have to call the broker contact centre to get this information.”
“We've been working really hard on this for a while and have completed several rounds of user testing, which many of our brokers have been part of,” he said.
[Related: CBA reports 18% drop in new mortgages]
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