Suncorp Bank jumped from eighth to fourth place in this year's Brokers on Banks survey and its head of intermediaries explains what is different.
Banks on Brokers is all about finding out what the banks are going to do with your feedback from MPA's Brokers on Banks survey.
We’ve talked to this year’s top five banks, based on overall score: Westpac, CBA, ANZ, Suncorp and Macquarie.
SUNCORP BANK
Going from eighth to fourth is no mean feat, and head of intermediaries Steven Degetto believes that with improved service, products and competitive offers Suncorp is becoming the ‘genuine alternative’ for brokers
MPA: Suncorp has shot up the charts this year. What have you done in the last 12 months to make brokers notice you?
STEVEN DEGETTO: Over the past 12 months, we have focused on strengthening our core capabilities while evolving our business – reinforcing our reputation as the genuine alternative. We believe our role is as an extension of a broker’s value proposition. The core elements of this are: service, value and customer first.
From a service perspective, we have been transparent on all areas of our service levels from application to settlement by publishing our turnarounds on Business Partners Online each day. Over the past three years we have achieved 48-hour turnarounds 95% of the time for every broker.
Next, we focus on the components that brokers and their customers truly value – product, price, service and policy. Our Home Package Plus product continues to be one of Australia’s most awarded products; it was pleasing to see it voted by brokers as best product in this year’s MPA Brokers on Banks survey.
Our aim is to consistently deliver on competitive off ers for brokers’ customers and this can help a broker stand out by talking to a customer about off ers, like ours, that they wouldn’t otherwise know about. This has been a key value proposition for brokers over the years.
We talked about service to brokers, but it is also important to talk about the service we provide to the customers that brokers introduce us to. Our customer satisfaction results (as per Roy Morgan data) show that our customers are more satisfied than those that bank with the big four.
From a policy perspective, we took a leadership role around living expenses and responsible lending and we are proud of that. Recently, we simplified some of our policies to make it easier for brokers to do business with us.
We have also bolstered our proposition in small business and commercial lending with an experienced and dedicated team of national Business Development Managers to support brokers who see this as an opportunity to help with more of their customer’s needs.
MPA: Brokers voted Suncorp’s Home Package Plus as this year’s best product, applauding your waiving of the annual fee. Is this off er really sustainable?
SD: Our Home Package Plus, a home lending solution that incorporates fl exibility to satisfy a broad range of customer fi nancial needs, continues to be one of the most awarded home loan products in Australia this year.
To receive multiple industry endorsements for this product really highlights our commitment to off ering customers a fl exible home loan package, which is not only great value but has a range of cost saving benefits too.
MPA: Whilst brokers appreciate special ff ers, investment in processing is hugely important to them. Has Suncorp got the resources to consistently challenge the major banks in this area?
SD: Absolutely, but we are doing more than just competing. We are offering brokers and their customers a genuine alternative to the big four. We are committed to investing in new technologies that will bring benefits to both our brokers and customers, streamlining our systems and enabling greater customer convenience.
The implementation of our new banking platform, Ignite, is more than a technology platform; it’s an investment in our future. It’s a key strategic enabler for Suncorp Bank and underpins our strategy for growth and transformation. It ultimately enhances our competitive positioning by allowing us the flexibility to rapidly respond to changing customer and regulatory demands as well as leverage digital opportunities.
MPA: 77% of respondents believed channel confl ict is still a problem; what is Suncorp doing, in terms of staff training and formal structures, to prevent this happening?
SD: Our core focus is on being customer-centric in everything we do. As a business committed to delivering value for our customers, we are focused on ensuring all our customers receive the same high level of service regardless of how they are introduced to us.
The broker channel has been and will continue to be an integral part of our overall strategy to become the bank for customers and brokers alike.
We work as a team with our retail business and our goals are aligned, to grow more and more satisfied customers irrespective of how they become a customer of the bank.
MPA: Two-thirds of brokers didn’t believe the banks dealt with APRA’s changes in a fair way for new and existing customers. Are there any lessons to be learnt in how you communicate interest and policy changes in the future?
SD: We see brokers as business partners, and are committed to keeping them informed on any changes. We are taking a consultative approach, and will continue to maintain open dialogue on all types of changes.
MPA: Are we likely to see Suncorp in the top five next year – and what are you planning over the next 12 months that’ll help you get there?
SD: Absolutely, and I say this with confidence. It is a very exciting time for the Suncorp Group as a whole. The Group’s new operating model is about creating more value for our nine million customers and our new banking platform will take us to a whole new level of being able to swiftly respond to changing customer needs and demands for ‘anywhere, anytime’ access.
We recently launched our new broker rewards program Elevate, which is accessible to brokers at all business levels and supports their customer relationships by delivering benefits such as priority service, and preferential turnaround times. The program is unique in that it will be open to brokers at varying levels of business and equally reward both business levels written, and quality.
We have had great endorsement and support from brokers which was demonstrated by the engagement with the 2016 Suncorp Broker Roadshows “Outlook. Obstacles. Opportunities”. The roadshow attracted around 1,500 brokers.
This followed the success of our first SME Masterclass Series, which launched at the beginning of this year, where another 300 brokers from across Brisbane, Sydney and Melbourne participated in an intensive, interactive workshop.
We’ve talked to this year’s top five banks, based on overall score: Westpac, CBA, ANZ, Suncorp and Macquarie.
SUNCORP BANK
Going from eighth to fourth is no mean feat, and head of intermediaries Steven Degetto believes that with improved service, products and competitive offers Suncorp is becoming the ‘genuine alternative’ for brokers
MPA: Suncorp has shot up the charts this year. What have you done in the last 12 months to make brokers notice you?
STEVEN DEGETTO: Over the past 12 months, we have focused on strengthening our core capabilities while evolving our business – reinforcing our reputation as the genuine alternative. We believe our role is as an extension of a broker’s value proposition. The core elements of this are: service, value and customer first.
From a service perspective, we have been transparent on all areas of our service levels from application to settlement by publishing our turnarounds on Business Partners Online each day. Over the past three years we have achieved 48-hour turnarounds 95% of the time for every broker.
Next, we focus on the components that brokers and their customers truly value – product, price, service and policy. Our Home Package Plus product continues to be one of Australia’s most awarded products; it was pleasing to see it voted by brokers as best product in this year’s MPA Brokers on Banks survey.
Our aim is to consistently deliver on competitive off ers for brokers’ customers and this can help a broker stand out by talking to a customer about off ers, like ours, that they wouldn’t otherwise know about. This has been a key value proposition for brokers over the years.
We talked about service to brokers, but it is also important to talk about the service we provide to the customers that brokers introduce us to. Our customer satisfaction results (as per Roy Morgan data) show that our customers are more satisfied than those that bank with the big four.
From a policy perspective, we took a leadership role around living expenses and responsible lending and we are proud of that. Recently, we simplified some of our policies to make it easier for brokers to do business with us.
We have also bolstered our proposition in small business and commercial lending with an experienced and dedicated team of national Business Development Managers to support brokers who see this as an opportunity to help with more of their customer’s needs.
MPA: Brokers voted Suncorp’s Home Package Plus as this year’s best product, applauding your waiving of the annual fee. Is this off er really sustainable?
SD: Our Home Package Plus, a home lending solution that incorporates fl exibility to satisfy a broad range of customer fi nancial needs, continues to be one of the most awarded home loan products in Australia this year.
To receive multiple industry endorsements for this product really highlights our commitment to off ering customers a fl exible home loan package, which is not only great value but has a range of cost saving benefits too.
MPA: Whilst brokers appreciate special ff ers, investment in processing is hugely important to them. Has Suncorp got the resources to consistently challenge the major banks in this area?
SD: Absolutely, but we are doing more than just competing. We are offering brokers and their customers a genuine alternative to the big four. We are committed to investing in new technologies that will bring benefits to both our brokers and customers, streamlining our systems and enabling greater customer convenience.
The implementation of our new banking platform, Ignite, is more than a technology platform; it’s an investment in our future. It’s a key strategic enabler for Suncorp Bank and underpins our strategy for growth and transformation. It ultimately enhances our competitive positioning by allowing us the flexibility to rapidly respond to changing customer and regulatory demands as well as leverage digital opportunities.
MPA: 77% of respondents believed channel confl ict is still a problem; what is Suncorp doing, in terms of staff training and formal structures, to prevent this happening? SD: Our core focus is on being customer-centric in everything we do. As a business committed to delivering value for our customers, we are focused on ensuring all our customers receive the same high level of service regardless of how they are introduced to us.
The broker channel has been and will continue to be an integral part of our overall strategy to become the bank for customers and brokers alike.
We work as a team with our retail business and our goals are aligned, to grow more and more satisfied customers irrespective of how they become a customer of the bank.
MPA: Two-thirds of brokers didn’t believe the banks dealt with APRA’s changes in a fair way for new and existing customers. Are there any lessons to be learnt in how you communicate interest and policy changes in the future?
SD: We see brokers as business partners, and are committed to keeping them informed on any changes. We are taking a consultative approach, and will continue to maintain open dialogue on all types of changes.
MPA: Are we likely to see Suncorp in the top five next year – and what are you planning over the next 12 months that’ll help you get there?
SD: Absolutely, and I say this with confidence. It is a very exciting time for the Suncorp Group as a whole. The Group’s new operating model is about creating more value for our nine million customers and our new banking platform will take us to a whole new level of being able to swiftly respond to changing customer needs and demands for ‘anywhere, anytime’ access.
We recently launched our new broker rewards program Elevate, which is accessible to brokers at all business levels and supports their customer relationships by delivering benefits such as priority service, and preferential turnaround times. The program is unique in that it will be open to brokers at varying levels of business and equally reward both business levels written, and quality.
We have had great endorsement and support from brokers which was demonstrated by the engagement with the 2016 Suncorp Broker Roadshows “Outlook. Obstacles. Opportunities”. The roadshow attracted around 1,500 brokers.
This followed the success of our first SME Masterclass Series, which launched at the beginning of this year, where another 300 brokers from across Brisbane, Sydney and Melbourne participated in an intensive, interactive workshop.
