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The major bank has tweaked its broker tiering system to better reflect the needs of its Platinum, Elite, and Essential brokers.
The big four bank, the Commonwealth Bank of Australia (CBA), has updated the offering it provides brokers through its tiering system: Platinum, Elite, and Essential.
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The three main tiers are scaled based on a balanced scorecard, which includes “quality outcomes” and application volumes. The higher the tier, the more relationship management support a broker receives (for example, brokers on the highest tiers have access to relationship managers, relationship assistants, and dedicated credit coaches to quickly discuss and lodge deals).
According to the major bank, changes have been made after identifying that different broker tiers had different requirements from the lender.
CBA’s incoming general manager third-party, Baber Zaka, told The Adviser: “Providing bespoke support that is tailored to the needs of our mortgage brokers and can help them grow their businesses is one of our key priorities.
“To this end and following extensive consultation with our brokers, we are launching a new broker tiering structure. Under the new structure, which comprises three main tiers – Platinum, Elite and Essential – we will be able to provide our brokers with bespoke support that is better tailored to their needs.”
Zaka said that top-tier brokers are typically “very familiar with [CBA] products and services” and therefore less likely to need ‘one-size-fits-all’ support, like a high-level training course.
“Instead, they may be seeking clear escalation points, faster credit SLAs [service-level agreements], and access to credit coaches,” he said.
Meanwhile, lower-tier brokers – who write CBA loans less frequently – may be less familiar with its products and policies and therefore may be in search of easily accessible information that relates to CBA’s product options.
Zaka said: “We work with a wide variety of brokers who are looking for different support from their lender, so that they can continue to deliver exceptional customer outcomes.
“Through our new tiering structure, we will be able to provide tailored support and resources based on our brokers’ level of engagement, performance, and fundamental needs.”
Brokers will start to see changes effective immediately.
The incoming GM of third party said: “We remain committed to delivering an exceptional service experience to all of our brokers, across all tiers, at all times. Our new broker tiering structure simply serves to help us deliver different and more tailored benefits to the different cohorts.
“Our goal is clear: we want to provide our brokers with the support they need at the time they need it.
“We look forward to sharing more about our refreshed tiering structure with our brokers in due course.”
CBA has been tweaking its broker support and accreditation requirements over the past few years and last year removed the experience requirement. Previously, the major bank had only let new brokers with one-year experience write loans with the bank. However, now the bank will accredit new, qualified brokers who hold a Diploma of Finance and Mortgage Broking Management (or equivalent) and those enrolled to complete one. New brokers must complete their diploma within 12 months to maintain accreditation.
The tiering support change marks one of the first changes spearheaded by Zaka, who will officially start in the role as GM of third-party banking on 3 March. He was previously the chief operating officer, third-party banking at CBA and had delivered a number of system changes and improvements to help brokers grow their businesses with CBA.
Zaka takes on the role from Razia Khan, who is set to become Commonwealth Bank’s general manager, premier banking.
The incoming GM of third-party banking has worked at CBA for the past decade and, over the past four years, has held several senior leadership positions in the third-party channel.
Speaking in January of this year, Zaka said: "Having worked closely with brokers for the past five years, I know how important it is to have the right foundations and strong relationships, and this will remain a priority for me and the team.
“I’m also excited to see how we can further make our processes simpler and easier, and ultimately give our brokers more confidence to grow their businesses with us.”
[Related: CBA broker flows continue to fall]
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