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A broker portal that offers instant pricing and centralised access to policy information has been launched by the non-major bank.
Non-major lender HSBC Australia has launched a new mortgage portal for brokers that provides them with:
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Automated pricing for new and existing loans (and an ability to escalate, if needed).
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The ability to push approved instant pricing through to origination systems.
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Access to policies, procedures, products, calculators, and turnaround times.
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A high-level overview of all active applications (including loan and security information, rates, and status tracking).
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Information on all settled loans (such as products, interest rates, repayment amounts, frequency, and loan terms).
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Enhanced search functionality.
While the portal had been going through a broker pilot over the last few months, it has now officially launched to its wider broker network (HSBC is currently on the panel of Lendi Group [including Aussie], Mortgage Choice, Astute, and AFG).
Announcing the new broker portal, Christine Artin, head of channels at HSBC Australia, said: “The feedback from brokers who have piloted Mortgage Portal over the last few months have been extremely positive. They have called out how easy it is to find detailed client information and do pricing all within the same part of the platform.”
Speaking to The Adviser, she suggested that the bank had launched the portal to assist the dominant mortgage channel, saying: “The broker share of home loan originations shows that Australians are increasingly relying on brokers to meet their needs. In response to this, the broker distribution channel is very important for us and is one of the key opportunities for HSBC Australia to meet our broader growth aspirations of expanding our home loan footprint across Australia.”
Artin concluded: “We are committed to providing the best tools to enhance the experience for brokers and customers.
“With more Australians using a broker to secure their home loans, it’s never been more important to help brokers achieve more in less time, and at HSBC we are here to help them.”
How has HSBC been faring?
HSBC Australia currently has a loan book of just over $31 billion in Australia ($22 billion of which is for owner-occupiers), according to APRA figures.
Artin said the lender's customer base "reflects the international nature of [the] business", with many having interacted with the brand in other markets.
But broker usage of the lender has been small in recent years. According to the latest Broker Pulse survey from Agile Market Intelligence – covering the month of October – around 3 per cent of brokers used the lender over the last month.
The survey showed that the main factor brokers consider when choosing HSBC is product pricing.
The lender’s broker experience rating is relatively low, with a net promoter score of around +20, according to Broker Pulse. Its broker experience has been falling over the past few months (sitting at a 55 per cent satisfaction rating in October), with the satisfying levels with the ease of application, assessment, and settlement all decreasing over the past few months.
However, some brokers have said that the lender has been picking up its service levels over the last few weeks, with one telling Broker Pulse: “Really great service, simple application with simplified documents and edocs)” and that the turnaround time for the loan they submitted was just one day (down from the average HSBC rating of seven days, according to Broker Pulse).
Artin told The Adviser: "We’ve been working on a number of initiatives to deliver faster turnaround times to brokers, such as the simplification of policy and processes and a range of technology enhancements. We will continue making further improvements to ensure we deliver consistent and quality service to brokers.“
The lender added it had so far taken a "considered approach" when it comes to onboarding aggregator partners to ensure a "consistent, high quality service to brokers and their customers" - noting that the lender had been working with one particular group over the past 12 months.
"We’re excited to be expanding these relationships further in the market," Artin said.
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