April sees major banks begin to continue improving broker experience ratings

A new broker survey has revealed that Australia’s major banks are continuing to improve their overall broker experience ratings.

The latest Broker Pulse survey produced by Momentum Media’s research arm, Momentum Intelligence, has revealed that major banks continue to improve their overall broker experience, with two achieving a positive experience rating of over 90 per cent.

The report surveyed 231 residential brokers between May 1 and 14 to discover their experiences with lenders.

The report found that throughout the month of April the major banks were able to improve their overall broker experience, with all four lenders receiving overall broker experience ratings greater than the overall average rating of 59%.

The Commonwealth Bank (CBA) continued its strong improvement to its overall broker experience rating, climbing from 87 per cent last month to 91 per cent for April, the second highest among all large-ADIs.

The bank reported overall improvement to its satisfaction scores at every stage of the lending process, with a satisfaction score of above 90 per cent recorded in three phases of the lending process: application, assessment, and settlement. While CBA’s business development managers didn’t record a broker satisfaction rating above 90 per cent, their broker satisfaction rating improved from 80 per cent in March, to 86 per cent for April. And although it’s BDM satisfaction rating isn’t above 90 per cent, it still rose 6 percentage points to 86 per cent for April.

Among the other major banks, NAB recorded the fourth highest overall broker experience rating of 82 per cent. This performance has been driven by 87 per cent lender satisfaction rating at the bank’s application process, and an 88 per cent satisfaction rating during the bank’s settlement phase.

A contributing factor to NABs improved broker satisfaction score is its improvement to its average turnaround time, down from five days in March to four days last month.

Both ANZ and Westpac have picked up in their overall broker experience ratings, however still not at a level to match either CBA or NAB. ANZ’s broker experience rating dropped from 67 per cent in March to 66 per cent in the latest report, despite recording it’s highest net-promoter score (-4) since May 2021.

This comes despite significantly decreasing its average turnaround time from 12 days to nine, with a 52 per cent broker satisfaction rating at the assessment stage of the lending process significantly depleting the major banks overall approval rating.

As for Westpac, a slight uptick in average turnaround time from seven days in March to eight days in April as well as decreasing broker satisfaction ratings in all three stages of the lending process have contributed to its lower broker satisfaction rating.

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