Login
ISCOVER
Jessica Darnbrough
Listening and reacting to broker feedback has helped one of Australia’s banks lifts its broker conversion rates by 5 per cent.
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 to The Adviser, ING DIRECT’s Mark Woolnough said the bank had made several changes to its credit policies and processes at the end of last year on the back of broker feedback and the results have been “overwhelmingly positive”.
“At our road shows and during our PD days all of our brokers continued to tell us the same thing: our credit policy is too tight,” he said.
“We took that feedback on board and responded to it by launching a credit review team that supported our credit assessors. This team would work with our brokers to get deals over the line first time, every time.
“As a result, our broker conversion ratios improved by 5 per cent at the end of last year and have continued to remain at that higher level into 2013.”
Mr Woolnough said because of ING DIRECT’s size and scale in the market, it can be flexible and not only respond but react to broker feedback.
“We made some significant changes to our broker proposition over 2012 and we have spent the last six months bedding down those changes. Our aim is to continue to bed down our changes and, as a result, continue to improve our broker proposition,” he said.
“In the last six months, we have seen our broker satisfaction ratings improve and our customer/ broker satisfaction ratings improve and we expect this trend to continue.”
