Q. Bendigo and Adelaide Bank has announced that it is retiring the Adelaide Bank brand and making Bendigo Bank available to the broker channel. Why make the move to transition over to Bendigo Bank?
Bendigo Bank is one of Australia’s most trusted brands; it’s ranked number one when it comes to satisfied home loan customers. So, being able to offer that brand through brokers now is an exciting leap forward for the bank.
The initial feedback we’ve had from brokers is that they’re really excited about the opportunity to introduce this brand to their customers because they recognise the brand out in their local communities. That brand recognition really helps brokers in having those conversations with their customers around choosing the home loan product that the consumer wants to move forward with.
We are hoping to have all aggregator groups transitioned over to the Bendigo Bank brand by the end of June. It is a fairly big process, with lots of conversations and lots of tech to be worked through, but we are really excited about the initial trial that we’ve been through and where we’re sitting with roll-out.
Q. What changes will brokers see when it comes to writing loans with Bendigo Bank?
We’ve been looking at enhancing our service delivery as we move from Adelaide Bank and transition into Bendigo Bank for brokers.
We’re building a new lending platform and looking at the use of technology through that platform to deliver a better outcome to consumers through brokers. We’re looking at all available and emerging technologies to build that platform and make sure that we have the best platform available to brokers to use. We’re certainly looking at things like improved visibility for brokers as they push applications through to Bendigo Bank.
The new lending platform has greater automation and fewer touchpoints. The early indications are that the new platform is performing extremely well. The turnaround times that we’re achieving through reducing data points are extremely encouraging.
In addition to that, we’re obviously looking at the way brokers interact with the bank and improving that. We are building a dedicated website for brokers with a broker portal. That will create increased visibility for brokers on their applications as they flow through our lending platform. And they’ll also be able to have some self-serve functionality on that broker portal.
We have some of the most awarded BDMs under the Adelaide Bank brand and they will be the same BDMs that brokers will use as we move towards Bendigo Bank broker. So there’ll be consistency in those relationships, which have been established over a number of years.
Q. What kind of loan products can brokers offer under Bendigo Bank?
We have a very simple home loan offering with two products that we’re going to market with initially. (Flex [Premium]: Available with up to six offset accounts for customers who want flexibility to pay down their loans sooner and Easy: A simple, no-frills home loan).
We decided to start with the basics and get that right and make sure that all of the enhancements that we’ve made are exactly what the brokers and their customers want. Within those two products, we’ve really looked at enhancing the consumer experience. There are things like an enhanced digital wallet (which brokers and consumers have told us that that’s really important to them), as well as multiple offsets and features that make day-to-day banking and managing home loans so much easier.
We will be building on the products and introducing more features and benefits and also rolling out the products that may fit more complex lending scenarios and borrowers [in future].
Q. Do you think the transition to Bendigo Bank brand will see the group increase market share with the broker channel?
Absolutely. And it’s certainly our goal to improve the market share and have more brokers who are readily choosing to use Bendigo Bank.
We’re making a huge commitment with building the platform, building the broker portal, and really listening to what brokers want from a bank in order to attract more business through that broker channel.
Q. Why should brokers use Bendigo Bank?
From an experience point of view, they’ll have a much more seamless application process with automation built into the lending platform.
We do believe that brokers who are talking to their customers regarding the Bendigo Bank brand will have a pleasant experience regarding the sentiment towards the brand. It’s certainly been our experience with research showing that consumers are very excited about dealing with an Australian-owned bank with such a presence in their communities. Now that the opportunity is there for brokers to be able to offer home loans through that Bendigo Bank brand, it’s an exciting one. So we’re definitely looking forward to seeing increased activity as 2024 rolls on.
Tune in to hear more!
You can find out more about Bendigo Bank and its broker offering in The Adviser’s In Focus podcast, here.
