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Keenly listening to the market and feedback from brokers has propelled P&N Bank and BCU Bank to the top of their game.
It has enabled them to deliver innovative solutions that address their broker’s needs and optimise the end-to-end experience for clients seeking a mortgage.
Kaine Adamson (pictured above), P&N Group’s general manager broker (P&N Bank and BCU Bank), comments on how their unwavering commitment to fostering strong, collaborative relationships with brokers has been key to ensuring the group’s continued motivation to innovate and lead the way in providing exceptional service and support.
“We have empowered our teams to listen and recommend changes, so we remain responsive and adaptive to the ever-evolving demands of our industry,” he says.
“Our recent recognition as one of Australian Broker’s 5-Star Mortgage Innovators of 2024 highlights our commitment to listening to our brokers, understanding their needs and developing innovative solutions that drive success and satisfaction in the mortgage industry.”
The bank’s reputation has been earned by acting on what brokers want. They ensure this insight is turned into policy.
“Brokers told us of the importance of consistency and certainty when it comes to reaching a credit decision on a home loan application. In response, we have developed a FastTrack process to approve deals within 48 hours when specific parameters are met on an application,” explains Adamson.
“We are thrilled to see deals being approved in as little as two hours, enabling brokers to surprise and delight their clients at the same time as providing more consistency in our decision-making.”
With a focus on continuous improvement and empowering brokers with the tools and processes they need to succeed, P&N and BCU introduced several other innovative solutions to streamline the home loan experience.
“One is our live person chat feature, which allows brokers and their support teams to connect directly with us for real-time assistance. This immediate support has significantly improved communication and efficiency,” Adamson says.
“Recognising the need for a better understanding of our credit policies, we also brought on two dedicated credit coaches to work closely with brokers to help them navigate our credit policies, meaning more deals are processed in one touch. This proactive approach has not only increased the success rate of submissions but also strengthened our broker relationships.”
On top of this, P&N and BCU have introduced a case management system that enables brokers to speak directly with the bank’s broker assessors, who are the ultimate decision-makers behind each application.
Adamson says, “This direct line of communication has streamlined the approval process, reduced delays and provided brokers with the clarity they need to move forward confidently with their clients' applications.”
With a focus on providing a leading comprehensive offering, P&N Group committed to going beyond its own internal processes.
“This includes vendor partnerships, such as Quickli, to remove the ambiguity from selecting a lender,” says Adamson.
“Additionally, our fixed rate rollover product demonstrates our innovative approach, designed to meet the evolving needs of our brokers and their clients. We have also established a new partnership with MSA National, which will see us launch digital loan documents later this year, further streamlining the loan process and providing a seamless digital experience.”
