National Australia Bank is upping its game for the post-pandemic broking world – with increasing automation a key area of focus to boost its support for brokers.
“We're working at NAB around automating as much as we possibly can to make things simpler and easier for our brokers and for our customers,” said Phil Waugh, NAB executive broker. “The shift towards automation is significant, as there are many new disruptive technologies shaking up the market that cannot not be ignored. One major factor tying into automation is the rise of open banking and the importance of embedding it into the origination processes. We're working really closely with our technology teams to ensure that what we're delivering into the market, from origination process right through to settlement, is as convenient and simple as possible.”
Quicker, simpler, and smarter systems are a must for all industry players as they collectively brace for the prospect of rising interest rates. Already, the repercussions of anticipated higher rates are being felt in the market.
“I think that everyone’s seen cost of funds come through into the market far quicker than anyone predicted even three to four months ago,” Waugh said. “So obviously, managing the impact that has on brokers and customers is very important.”
Waugh said many customers are due to move off two-year fixed rate products in the next few months. And with some customers having no experience with a rising interest rate dynamic, brokers have their work cut out for them in terms of keeping clients fully informed.
“[It’s] really important to ensure that those customers transition smoothly into their next rate,” Waugh said.
It is equally important to understand how those rate rises flow through and impact brokers – and banks such as NAB have an important role to play in educating brokers on these.
“How do we ensure we manage that for brokers? That's going to be a really interesting path to navigate as we see the funding markets change and change quite a bit, at quite a speedy rate,” Waugh said.
