Macquarie Bank celebrates winning Brokers on Banks 2023
For a bank that sources most of its home loan business from brokers, doing well in MPA’s annual Brokers on Banks survey is vital. And Macquarie Bank has not just done well this year; it’s been voted Australia’s top bank for the second year in a row. It also gained second place in 2021 and 2020, proving to be a consistent performer.
MPA asked Macquarie Bank’s head of broker sales, Wendy Brown (pictured above), about the importance of the broker channel, why brokers chose Macquarie, and about the bank’s system enhancements.
Brown says that as a committed partner to the broker industry, Macquarie Bank is proud to be named winner of the Broker on Banks gold award for the second year running.
“Our teams have worked incredibly hard to deeply understand what matters most to our broker partners and shared clients to deliver exceptional experiences,” she says.
“We strive to provide brokers with time, control and confidence by frequently seeking their feedback, working together and focusing on providing the best client outcomes. Our business strategy is built around what brokers need, with transparent policies and processes and great service throughout the loan journey.”
In the survey, brokers were asked to rank banks across 10 categories. As well as being named overall winner of Brokers on Banks 2023, Macquarie Bank was voted the top bank for brand trust, online platform and services, and turnaround times. It was also the preferred bank for property investors.
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“We’re pleased Macquarie’s brand resonates positively with brokers and clients as we continue to grow our retail banking offering and help Australians feel confident about their financial future,” Brown says.
Macquarie Bank continues to invest in innovation to ensure its online platforms help brokers support clients quickly and with certainty, she says. “This includes introducing a Broker Assistant Tool to provide a quick view of the status of an application, almost 300 new Broker Help Centre articles, and added security for clients through our Macquarie Authenticator app. Our turnaround times have also been consistently fast since early 2022.”
Brown says Macquarie Bank knows there are always opportunities to improve, so the bank continues to develop and optimise products and services.
“Technology has been a key driver across all areas, further enabling agile ways of working, providing enriched data to draw meaningful insights, and has propelled our digital features and platforms to better assist brokers and clients,” she says. “Over 3,500 brokers have participated in our testing process for these features, and we value the time and effort they have taken to provide feedback.”
Macquarie Bank also ranked second in this year’s survey for BDM support and third in the categories of commission structure; communications, training and development; credit policy; diversification opportunities; and product range.
Head of retail credit services Andrew Di Giovanni says the bank, which is committed to its broker partners, has made several enhancements to its credit policy so that “we’re able to offer solutions for more of their clients”.
Using AI and automated data sources, Macquarie Bank has also improved employment verification and the construction loan payment process and acted on broker feed-back by expanding a number of income policies. These changes are designed to provide brokers with increased clarity, make the application process easier, and give brokers greater confidence in receiving fast and successful loan approvals, says Di Giovanni.
Brown says, “We’ve also combined our broker channels across home, commercial and car loans as one team, which allows us to diversify our offerings to meet more client needs and drive efficiencies.
“Our BDMs are highly experienced and knowledgeable, providing brokers with confidence and guidance every step of the way.”
Brokers are at the heart of Macquarie Bank’s home loans business, initiating over 90% of its home loans, Brown says. “We have a shared goal to ensure the best outcome for all customers, including residential, commercial and car loan clients.”
Mortgage brokers facilitated nearly 70% of all residential home loans in the December 2022 quarter, according to the MFAA, and this is a testament to their expertise and the confidence Australians place in brokers, Brown says.
“With the ever-changing economic environment, clients are increasingly looking to track applications for a principal increase and to post formal status updates; a smoother process for reclassifying supporting documents; and brokers having additional client information at their fingertips.
Brown says the feedback has been overwhelmingly positive, with portal logins doubling on a weekly basis and many brokers appreciating the “seamlessness of having all client information available”.
“We listen closely to brokers’ needs, keeping them updated on changes through our regular newsletter. The Broker Portal is an important touchpoint, and we encourage open communication through an ‘always on’ survey within the portal for brokers to provide feedback whenever they like.”
When it comes rising interest rates, Brown says different economic challenges drive different broker and client needs, and “we’re here to support them every step of the way”.
Macquarie Bank head of home lending Carrie Fox understands that “finding the right loan option can be stressful, particularly in the current market”.
“We offer flexible loan options with competitive rates so buyers can tailor the loan to their needs,” she says.
In 2022, Macquarie Bank launched a content series to empower clients with insights, calculators and strategies, and to give them the confidence to make informed financial decisions. The series explores key topics such as interest rates, inflation and property prices, and shares insights from Macquarie Group’s investment team.
Brown says the bank will continue to add more resources to the series to guide brokers and clients throughout 2023. Macquarie Bank is excited about the opportunities ahead and will continue to invest in its people, system and processes to ensure it continues to provide a unique experience to the market.
“As we bring together our home, commercial and car loan teams, this will create many business and technological efficiencies, allowing us to better support brokers and clients,” Brown says.
Technology is also key to delivering market-leading services, she says. Macquarie Bank’s online platforms are constantly evolving, with new features providing brokers and clients with transparency, certainty, security and a best-in-class digital experience.
“Feedback from brokers is pivotal to us improving our services and offering, driving many of the initiatives we deliver, so we encourage brokers to continue providing feedback,” Brown says.
