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Over 650 brokers have given their feedback on the big four banks to reveal which is best servicing the needs of Australia's third-party distribution channel.
NAB Broker has been ranked Australia’s top major lender for a third consecutive year in The Adviser’s annual Major Bank rankings survey.
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The rankings – now in their fifth year – were based on the feedback of 677 brokers who were asked to rank the big four across four major categories – product, support, technology and commissions – and 23 sub-categories.
NAB Broker retained top spot with an overall satisfaction rating of 83.71 and claimed 12 of this year’s 23 categories. CBA was second, with a satisfaction rating of 82.96, ANZ third with 80.26, while Westpac had a rating of 78.91.
NAB Broker continued to lead the third-party channel on product offering, price and commissions, with three quarters of those surveyed having written a loan with NAB in the past year.
CBA came out on top in categories such as product cross-sell, with brokers ranking the bank highest for credit assessment staff, call centre support and client support. Brokers liked ANZ’s commissions and BDM support, but rated the lender worst for turnaround times.
On the surface, the 2014 rankings look grim for Westpac, with only two category wins, one of which was turnaround time – but to Westpac’s credit, its satisfaction ratings increased in every category and the bank was the only major to improve on all of its scores in 2013.
Overall, the rankings showed brokers were generally happy with the big four. However, gripes remain about commissions, back-end support, channel conflict and a perceived indifference to regional brokers and those who don’t write vast amounts of business. The survey also revealed what appeared to be confusion surrounding the banks’ tech offerings.
Speaking about the results, The Adviser’s publisher, Jim Hall, said the survey remained an important industry initiative and is arguably the most discussed issue of the year.
“We know these rankings go ‘right to the top’ and it’s just recognition for the major lenders who work hard to win broker business,” he said.
“The results help add significant transparency to the third-party channel and that’s a good thing if it works to improve both relationships and outcomes across the board.”
The full survey results can be viewed in the coming May issue of The Adviser, due out in mid-April.
