A lender’s product offering, together with the access to market knowledge and expertise, were also identified as important value drivers for brokers.

In summary, the key value drivers identified by brokers were:

• Speed and service: 33%
• Interest rates: 26%
• Product offering: 19%
• Market insights: 13%

Paul Herbert, AMP Bank’s Head of Intermediary Distribution and Finance said: “This feedback demonstrates that brokers require more than just a competitive rate from their bank, with efficient and seamless service also vitally important to help them achieve the best possible outcomes for their customers.

“The findings also reinforce the importance of technology, which is playing an ever-increasing role in simplifying and speeding up the borrowing experience for brokers.

“We’ve seen digital technology for loan applications, valuations and identity verification drive down loan completion turnaround times. The full launch of our digitally enhanced application process for loan increases in September has already seen a further 25% improvement in turnaround times, while the deployment of technology such as FASTRefi® is allowing clients to receive their funds faster.

“At AMP Bank we’ll continue our investment in technology, processes, and people to ensure we deliver fast and consistent service to our, brokers, advisers and customers.”

Technology uplift

Over the past 12 months AMP Bank’s mortgage origination technology program has:

• Launched a new digitally enhanced application process making it easier for brokers to help customers seeking an increase to their home loan
• Deployed FASTRefi® allowing customers to receive their funds faster
• Introduced new types of digital valuations to enhance the process and reduce turnaround time
• Established new digital verification of identity and Access Seeker reports to streamline the application, and verification process for both brokers and their customers.

These improvements were reflected in the most recent Broker Pulse survey run by Agile Market Intelligence, with AMP Bank recognised with a broker experience rating of 83% and application process satisfaction rating of 91%.

Insights webinars

AMP Bank’s Insights webinars are run throughout the year for brokers and are an opportunity to hear directly from AMP’s experts, such as Chief Economist Dr. Shane Oliver.

Brokers and advisers are invited to register for AMP Bank’s next webinar at 2pm, Tuesday 17 October 2023. At this event you’ll hear from AMP Bank’s Paul Hebert, Head of Intermediary Distribution and Finance, Melissa Christy, Head of Lending Operations and Client Assist and Sonia Partol and Alex Cornish, both Senior Business Development Managers.

——–

[1]  114 brokers and advisers submitted responses to the question ‘What is your top priority for clients?’ in AMP Bank’s webinar feedback survey conducted in August 2023.

The post Speed and service, low rates most valued by brokers appeared first on AdviserVoice.

Mr Herbert is an experienced leader with deep knowledge of the third-party broker channel, having spent more than 25 years in the industry. Mr Herbert was previously the Head of Lending Distribution at MyState Bank, and prior to that, CEO at The Rock Building Society. He brings strong experience in transformation and distribution, having also held roles at Westpac, RAMS and GE Money.

The appointment supports AMP Bank’s objective to broaden its reach while maintaining focus on the broker channel, expanding in key locations. Mr Herbert will be based in Brisbane, and the Bank is currently recruiting to further strengthen its state team in Victoria.

AMP Bank is also continuing its engagement with brokers and advisers through virtual webinars. Initiated as a way of connecting and sharing expertise during COVID-19, the webinars share market insights, policy and credit updates from AMP and industry experts.

At the same time, AMP Bank is investing in its technology and service enhancements, with ongoing focus on automation and digitalisation to make the home loan application process easier for both customers and brokers. Most recently, this includes the simplification of verification of identity requirements.

Mr Herbert will be focused on driving continued mortgage growth, strengthening the Bank’s service offering for brokers and advisers, and ensuring it continues to be easy to do business with AMP Bank.

Michael Christofides, General Manager, Home Lending, AMP Bank, said: “Paul is a highly-regarded financial services leader with extensive experience in strategy development, sales management and people leadership.

“We know service levels are a top priority for brokers and advisers, and Paul’s appointment will be helping us continue to deliver best in class solutions and support.”

Paul Herbert, Head of Intermediary Distribution and Governance, AMP Bank, said: “I look forward to building on AMP’s strong track record, working closely with brokers and advisers.

“Human connection is critical to the way brokers support their clients, which is why I’ll be placing a strong focus on culture and deepening relationships with our broker and adviser partners.”

The post AMP Bank bolsters support for brokers and advisers with key appointment appeared first on AdviserVoice.