In a strategic move towards expanding its presence in the broker market, Bendigo Bank has officially launched Bendigo Bank Broker, allowing brokers to recommend Bendigo Bank branded home loans. The rollout begins with over 3000 brokers using aggregator Finsure and is set to extend nationwide by calendar year 2024.
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Richard Fennell, Chief Customer Officer at Bendigo and Adelaide Bank, highlighted the significance of this initiative in leveraging the bank's trusted reputation to compete more effectively in the broker market. With approximately 70% of Australian borrowers choosing brokers for home loans, this move aims to attract new customers and drive growth.
Fennell emphasized the importance of streamlining processes to better serve customers, stating, "To become Australia’s bank of choice, we need to continue to consolidate and simplify our current processes and reduce complexity."
The new experience focuses on a 'digital by design, human when it matters' approach, with a lending platform offering enhanced automation and digital capabilities for faster and consistent credit decisioning. Brokers using Finsure will be the first to benefit from this improved platform.
Bendigo Broker customers can expect a range of choices with a simplified and flexible home loan offering, along with access to the full suite of Bendigo Bank products, services, and support. The dedicated website and support from highly-ranked BDMs ensure a smooth experience for brokers.
Darren Kasehagen, General Manager of Third-Party Banking, expressed excitement about the collaboration with Finsure, emphasizing their commitment to a smooth broker and customer experience. The rollout plan involves closely monitoring each loan application's performance and expects nationwide completion in calendar year 2024.
Simon Bednar, CEO of Finsure, expressed excitement about being the first aggregator partner involved in Bendigo Bank's new offering, aligning their business ethos with Bendigo Bank's commitment to simplifying processes for brokers and customers. Together, they aim to shape a better future for the industry, delivering results that benefit everyone involved.
