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You have impressed your customer with your knowledge and service and the home loan is organised – but why stop there?
In addition to their home loan, your customer may need a range of other banking products, so why not ask?
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A high interest savings account, a personal loan, a term deposit or an investment product – all of these products represent an opportunity for you to increase your revenue off the back of the home loan sale.
Discussing insurance products – such as loan protection, life insurance, car insurance and, of course, home and contents insurance – also offers new income opportunities.
“While you may not be qualified to sell all banking and insurance products, you can gain a new revenue stream from cross selling on a referral basis,” says Kathy Cummings, executive general manager, third party and mobile banking.
“Through CommBank’s CONNECT referral program, you can support your customer’s total banking needs and protect their assets and lifestyle by recommending them to specialist providers of financial, insurance and risk products.
“In return, CONNECT will pay you for all successful referrals.”
Through CONNECT, brokers can also refer commercial loans and other products for business, such as Business Online Saver accounts and vehicle and equipment finance.
To support the program, CommBank has also developed a Third Party Connect Calculator application for iPhone and Android. It allows you to calculate the total commission you earn on a home loan plus any extra products and services you sell with the loan.
As part of its functionality, the app includes a summary page which displays the dollar amount earned on each product and service sold. The ‘Upfront Commission Rate’ as a percentage is also displayed.
The CONNECT referral program was recently recognised as the Best Broker Cross-Sell Offering in the market at the 2013 Australian Lending Awards.
“CONNECT is a simple and easy way to increase your revenue stream,” Ms Cummings said.
