Login
ISCOVER
Jessica Darnbrough
Australia’s third party distribution and online channels will continue to grow, potentially at the expense of the branch network over the coming 10 years, a major lender has claimed.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Speaking at a media briefing in Sydney yesterday, NAB Broker’s general manager, distribution, John Flavell said the broker channel is on course to account for as much as 55 per cent of all home loans written over the coming 10 years, while the online channel could exceed 15 per cent.
“I do not think the broker channel has to grow at the expense of the online channel,” he said.
“I expect to see a blending of these two channels. Borrowers will conduct their preliminary research online and then turn to a broker to get the deal across the line.
“Not all of the channels need to grow at the expense of everything else. That said, new data suggests branch distribution is diminishing and I expect this trend to continue.”
Mr Flavell said NAB Broker was more committed than ever to the broker channel and helping this distribution arm realise its full potential.
“We will continue to provide a compelling broker proposition and help our broker partners grow their business,” he said.
“While credit growth is sluggish at the moment, there are still plenty of opportunities for brokers. They can grow their market share beyond 42 per cent and we will help them to this end.”
NAB Broker is currently hosting a series of broker forums across Australia where it is reinforcing its promise to continue delivering on consistent service, sharp pricing, competitive policies and an appealing remuneration structure.
The bank is also helping brokers tap into the increasing number of consumers who are taking to the internet for financial services related guidance and advice by providing brokers with a dedicated guide to digital marketing.
The guide which draws on comprehensive research into the use of digital and social media and how broekrs can use these channels to strengthne an dgrow their businesses.
