Satisfaction with BDMs at record high

Broker satisfaction with business development managers hit a new high in December, new figures show.

The latest monthly Broker Pulse survey from Momentum Intelligence has found that lender business development managers (BDMs) achieved a score of +59 from brokers, the highest score since the inception of the surveys.

The survey of 245 brokers — which was conducted between 9–18 January 2023 to uncover the lending experiences of brokers over December 2022 — revealed that BDMs have been delighting their broker partners recently.

The BDM score rose by four points during the final month of 2022, up from +55 in November 202.

The BDM index is calculated based on broker ratings of their experience with lender BDMs based on their level of expertise, responsiveness, and communication.

Among the most commonly used authorised deposit-taking institutions (ADIs) (the banks used by more than 20 per cent of broker respondents), Bankwest BDMs took out the top spot (up from sixth place), with 96 per cent of broker respondents giving Bankwest BDMs a positive rating in December.

Macquarie Bank slid from first to second position but its BDMs increased their positive ratings from 87 per cent in November to 92 per cent in December.

Among the major banks, the Commonwealth Bank of Australia (CBA) dropped from fourth to eighth position in December after 80 per cent of brokers gave it a positive rating (down from 83 per cent in November).

While both ANZ and National Australia Bank (NAB) BDMs also slipped in rankings month-on-month, Westpac remained in last position in December with a 58 per cent positive rating.

Non-bank BDMs shone the brightest in December, with Bluestone Mortgages, Connective Home Loans, Firstmac, and RedZed achieving 100 per cent positive ratings in December, while four lenders in this segment were given negative ratings.

Two out of the 13 less commonly used ADIs (used by less than 20 per cent of broker respondents) scored 100 per cent positive ratings, including Citibank and P&N Bank while only three lenders in this segment were given negative ratings, the Broker Pulse survey showed.

Experiences with credit assessors remained largely steady, with brokers assigning them a score of 49 (down from 50 in both October and November last year).

Similar to BDMs, non-banks were strong performers, with five lenders in this segment achieving 100 per cent positive ratings from brokers, up from three the previous month.

Two lenders in the less commonly used ADI segment also achieved 100 per cent positive ratings.

In the most commonly used ADI group, Bankwest rose seven positions from November to clinch the top spot and dethrone Macquarie Bank.

Indeed, 90 per cent of brokers assigned Bankwest credit assessors a positive rating, up from 72 per cent in November.

CBA’s credit assessors were given a 90 per cent positive rating, down from 93 per cent in November but still sufficient to maintain second position in December.

Macquarie Bank fell to third position with a positive rating of 88 per cent in December, down from 96 per cent the previous month.

Commenting on the findings, Momentum Intelligence director, Michael Johnson, said: “It is great to see BDMs be recognised for the great work that they are doing to support brokers with many receiving high satisfaction levels from brokers.”

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