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Jessica Darnbrough
Citibank has launched a new initiative that is aimed at helping speed up turnaround times by communicating key problem areas to brokers.
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Speaking to The Adviser, Citibank’s head of broker distribution Aaron Milburn said the bank had been working on various initiatives over the last few months to ensure it kept turnaround times low.
Mr Milburn believes that communicating specific areas the bank was working to improve as well as common submission errors from brokers could have a significant impact on managing turnaround times.
“I have started sending our broker partners a weekly newsletter from me that details any changes to pricing, product enhancements and loan submission feedback,” Mr Milburn said.
“We trend what some of the key problem areas are in the various loan submissions and then not only identify these key problem areas to our brokers, but also detail exactly how this problem can be rectified.”
According to Mr Milburn, the bank is not prepared to just say there is a problem, but rather highlight the problem and help brokers work through it.
“We understand sluggish turnaround times can be attributed to both lender and broker, which is why we are now communicating with our partners on a regular basis,” he said.
“We are committed to the third party channel and this new newsletter initiative highlights just that.”
