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The customer-owned banking group has revealed its long-term growth outlook, confirming third-party investment as a “key strategic priority”.
P&N Group has said that, as part of this new focus, it will aim to improve the experience of brokers working with its two banks, P&N Bank and bcu.
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“[P&N Group] believes it can play a key role in providing brokers and their clients a genuine banking alternative to the major banks and are committed to prioritising a better broker offering and experience,” the lender body said in a statement.
P&N Group general manager broker Kaine Adamson elaborated on this, stating that the group’s bcu and P&N Bank retail banking brands will accomplish this by offering better support to brokers and their clients.
One of these changes is said to be centered around improving and streamlining the assessment process, while also introducing ApplyOnline Supporting Documents, DocuSign and Adobe Sign.
P&N Group has also said that, in June, it launched a new case management process for all P&N Bank and bcu brokers, a move said to be focused on providing “a single point of contact with decision makers”.
P&N Group added that this move has so far resulted in a 30 per cent reduction in touch time, and a 47 per cent reduction in the number of times an application was handled.
“We’ve spent a long time listening to our brokers and are committed to becoming easier and more efficient to do business with, by striving for simplified and consistent processes, platforms, products and policies which result in faster turnaround times,” Mr Adamson said.
“We are involving brokers in the design of our future operating model, which will ensure we’re working together to provide brokers with solutions that will meet their needs.”
Mr Adamson later expanded on the appeal of brokers, noting that broker settlements are up 65 per cent compared to preceding financial year.
“Given how confusing the market can be especially for first time buyers it’s not surprising that brokers are attracting younger customers than the proprietary streams,” he said.
Mr Adamson concluded that, on average, its customers that originated via the broker channel are six years younger than those originated through its proprietary channel, and that “over 60 per cent of the combined First Home Guarantee funding for P&N Bank and bcu is coming from brokers”.
[Related: P&N welcomes new GM of business banking]
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