Mortgage brokers have cited speed and service as their number one priority when working with banks to support their clients, with competitive interest rates ranking second. The feedback was provided by more than 100 brokers surveyed ¹ at AMP Bank’s most recent quarterly Insights seminar in August.

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.

^{FASTRefi® is provided by First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908 Australian Financial Services Licence 263876, trading as First Title, an Australian general insurance company authorised by the Australian Prudential Regulation Authority. The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.}

^{[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.}