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Jessica Darnbrough
Brokers continue to outperform banks, credit unions and building societies at customer acquisition and retention, Core Data has claimed.
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Speaking to The Adviser, Core Data’s head of mortgage research Andrew Inwood said brokers were more adept at understanding a client and their financial needs than any of Australia’s lenders.
“While banks tend to outshine brokers in terms of compliance, general and effective client engagement is much higher with a broker, according to our research,” Mr Inwood said.
The results come off the back of Core Data’s mystery shopping exercise.
Each year, the company sends hundreds of Australians who are in the market for a home loan out to get a mortgage and records what happens to them as they go through the process.
From this, Core Data can then determine which business in Australia is the most efficient at attracting and processing home loan customers.
But while the broker channel performed well overall and managed to outshine its bank branch counterparts, on an individual business basis, Mr Inwood said the Commonwealth Bank of Australia’s mortgage innovators team was the standout.
“For the past few years the best business has been Mortgage Choice, who customers rate very highly for the service offered and who appears year-on-year to acquire about six out of every 10 mystery shoppers that we send to them seeking a mortgage,” Mr Inwood said.
“For the past three years, Mortgage Choice has beaten the Commonwealth Bank’s Mortgage Innovators team into second place, but this year the tables have been turned and the Mortgage Innovators team is pound for pound the most effective sales team in the country.”
Every business is rated and ranked on assurances, compliance, quality, understanding, intention, reaction and environment.
