Major banks have the edge on tech, say brokers

As Mortgage Business urges brokers to complete the 15th annual Third-Party Lending Survey before it closes on Friday (3 May), the initial findings showed that brokers believe major banks are leading the way when it comes to their technology offering.

The annual Third-Party Lending Survey is led by Agile Market Intelligence and its lending insights division Broker Pulse.

Submissions for the 15th annual Third-Party Lending Survey launched in February and asked brokers across Australia to evaluate the performance of lenders they have worked with over the past 12 months.

The survey asks brokers to assess lender performance across 17 attributes that comprise the lender’s entire offering to the third-party channel. These include turnaround times, channel conflict, service, technology, products, communication, education, service, and support, among others.

It aims to receive responses from over 1,000 brokers (after receiving 1,004 respondents in 2023), with brokers being urged to complete the survey before Friday (3 May).

Big banks the leaders in tech

The interim results of the survey have shown that, for the sixth consecutive year, brokers are most satisfied with the technology offerings at the major banks, with 79 per cent of respondents giving the majors their tick of approval.

The non-major banks and non-banks followed suit, at 75 per cent and 71 per cent, respectively, according to the initial findings.

The major banks also maintained the lead on satisfaction across four out of five key attributes in the technology category:

• Broker website portals (79 per cent).
• Digital tools and online resources (79 per cent).
• Online application status tracking (75 per cent).
• Online lodgements (77 per cent).

Plus, the big four scored the highest satisfaction rating for upfront valuations (84 per cent), while the non-major banks had an 80 per cent approval rating for this feature.

Indeed, the major banks ranked second across all other key technology attributes while non-banks scored the lowest satisfaction rating for their technology attributes.

The Third-Party Lending Survey is an avenue for brokers to provide detailed feedback about (and to) the lenders they have submitted mortgage applications with over the past year.

The results of the survey are used to compile the Third-Party Lending Report, a diagnostic tool that identifies service quality trends, provides broker satisfaction ratings, and highlights expectation shortfalls.

The report aims to help lenders understand their strengths and weaknesses and use the feedback to improve their offerings to brokers.

Brokers responding to the Third-Party Lending Report 2024 will be able to enter into a prize draw for an opportunity to win a share of $10,000 in prizes as a thank you for taking part in this important industry initiative.

Click here to complete the 2024 Third-Party Lending Survey by Friday, 3 May 2024.

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