2. What portion of Macquarie Bank’s home loans come via the broker channel? How invested is Macquarie Bank in strengthening relationships with brokers and growing the channel?
More than 90% of our home loans came through via brokers over the last 12 months, so this channel is extremely important to our business. We take a relationship focused approach meaning our market facing teams are committed to building deep and lasting connections with brokers, understanding what matters most to their businesses.
Broker feedback is fundamental to how we review and evolve our offering and we take an “always-on” approach to the feedback that brokers have about their engagement and experience with Macquarie. We do this in a number of ways, such as via surveys and through direct conversations with Macquarie’s BDM teams.
This feedback is captured and shared internally and forms an essential part of prioritising what we work on next, ensuring that we’re acting on what brokers tell us matters most to them and their clients.
For example, brokers have told us that by giving support staff access to Broker Portal it would significantly improve how their business runs, so we have evolved our portal to include access for support teams which is driving meaningful efficiencies for broker businesses across Australia.
In addition, 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.
3. Macquarie Bank ranked first in Brokers on Banks in three categories: communications, training and development; interest rates and turnaround times. How has the bank achieved such good results in these categories? What part does broker feedback play in ensuring high performance in these and other areas?
At Macquarie, we recognise that control, transparency and confidence are fundamental throughout the home loan application journey for both brokers and their clients. We know this from the conversations we have with brokers day in and day out, and we apply this understanding to all of our touchpoints across our home loan offering.
We communicate with brokers and their support team regularly, sharing important information they need to know in a timely and effective way. This communication shares key pieces of information on a weekly basis including current turnaround times, credit policy and interest rate updates, as well as details on new features and functionality we launch as part of the ongoing evolution of our offering.
By communicating effectively and regularly with our broker partners and their support teams we build trust and deeper, more transparent relationships which is so important to us.
We regularly run training and development sessions with our broker partners and Macquarie’s BDM teams have a deep understanding of the products, platforms and processes we offer as well as the trends and broader conditions of the marketplace, which means they’re well positioned to support brokers and their support teams in whatever way they need it most.
Our BDM teams are supported by the wider Macquarie home loan ecosystem which includes our operational and support functions which we’ve continued to invest in and grow. In addition, we have our credit teams who work closely with BDMs to share updates and changes on credit policies to ensure brokers have easy access to the information they need in the key moments throughout the home loan journey.
We know that turnaround times are one of the most important factors for brokers and their clients and because of the significant investments we’ve made over several years in our technology platforms, we consistently deliver market leading turnaround times. This provides greater confidence and clarity throughout the application process.
4. I understand technology and innovation is a big focus at Macquarie – (the bank also ranked second in Brokers on Banks when it came to online platform). What has Macquarie done, and plans to do, to improve the experience for brokers and their customers?
We're all about providing our customers with convenience, insights and control through our best in class digital banking offering, with features and functionality designed to be both seamless and innovative for our customers.
Technology and innovation is a key focus at Macquarie as empowering Brokers and clients with faster, simpler and safer technology gives them the tools to carry out their work.
In 2024, we have a range of new and exciting initiatives to improve efficiency, productivity, and most of all, improve Brokers experience with us.
For example, we’re working on enabling live chat functionality within Broker Portal - a real-time two-way communication channel, which enables you to connect with us and get help when you need it.
The security of customer accounts is another one of our biggest focus areas, which is why we developed the Macquarie Authenticator app. Macquarie Authenticator is a standalone security application that aligns seamlessly within a customer’s existing Macquarie Bank mobile banking app and online banking platforms, enabling them to verify transactions and log in activity, as well as managing sensitive account changes all in real-time, wherever they are in the world. From a Broker perspective, we’re looking to see how we incorporate this same level of security for the Broker Portal.
