Sunday, February 19, 2012

Broker market share set to grow: NAB

Monday, 20 February 2012
Simon Parker -

The head of NAB’s third party mortgage business believes brokers will become more popular as an increasing number of time-poor customers grapple with a complex array of financial products.
In an interview with The Adviser, Antony Cahill, the executive general manager of growth partnerships – a NAB business unit which brings together a number of entities that provide products and services to the mortgage industry – said mortgage brokers now accounted for up to 48 per cent of NAB’s loan transactions, and this was likely to grow.
“I think it will continue to get larger, and I think there are a number of reasons for that as we see regulation coming through and continued professionalisation,” he said.
“People are becoming more aware that financial products can be quite complex – and they are seeking help, guidance and advice. Brokers are ideally placed to provide that.”
Since his commencement in the role 15 months ago, Mr Cahill’s Growth Partnerships portolio has posted growth of more than six times system.
He said the relationship between banks and mortgage brokers had matured in recent years, which will support ongoing growth of the broker channel.
“I think the industry has come a long way,” he said. “Ten years ago, in a sense there was a bit of a confrontational relationship.
“Ultimately, we’re all part of that end-to-end business, and we have valuable relationships with brokers to ensure we give great service to clients, and everyone has a role to play.”
“From our perspective in NAB, we want our customers to choose which channel they come through,” he added.

Link to article