Lender Spotlight: ANZ (September 2024)

In the past two years, ANZ has achieved considerable improvements in the third-party channel, as evidenced by data from Broker Pulse. The bank has enhanced broker usage, streamlined broker experience, shortened turnaround times, and strengthened its position as a lender of choice. Let’s explore ANZ's progress across these metrics, using comparisons between September 2023 and September 2024.

Broker Usage

Over the last few years, ANZ has seen a steady rise in broker usage, reflecting brokers' growing trust and positive experience with the bank. In September 2023, 34% of brokers were actively choosing ANZ, a figure that climbed to 46% (6mma) by September 2024. This significant increase underscores ANZ's enhanced attractiveness to brokers, stemming from their positive experiences and improved service offerings. The bank's dedication to better broker support and competitive products has been instrumental in driving this upward trend in broker engagement.

Broker Experience

ANZ’s improvements in broker experience can be clearly mapped over the last few years with significant improvements across each phase of the application and settlement process. Positive feedback on BDM interactions grew to 78% (6mma) in September 2024 after a dip in throughout late 2023 and early 2024, showing ANZ’s commitment to relationship-building.

However, the core challenge for ANZ, despite its improvements, is its credit assessment phase. Brokers have continued to highlight the challenges they experience when they speak to ANZ’s offshore credit assessment team. Some have commented that it “detracts from the experience”, indicating that this is an area that is letting down an otherwise high-performing bank.

The bank has seen improvements in the last few years, with a satisfaction rating of 65% (6mma) in September 2024. However, more recent results have offered a slight downgrade on the otherwise upward trend.

Turnaround Times

The recovery story for ANZ after its challenges throughout the start of the decade is a lesson for lenders on consistency and incremental improvement. ANZ has made remarkable strides in reducing turnaround times—a key factor in improving broker satisfaction. Back in 2021, turnaround times averaged around 15-20 business days. By September 2023, this metric had improved significantly, dropping to an average of 6.5 days. ANZ continued to streamline processes, further reducing turnaround times to 5 days (6mma) by September 2024.

This reduction in processing times not only aligns ANZ with top-performing lenders but also enhances its competitive edge in the market. A faster process enables brokers to meet client needs more effectively, enhancing the overall client experience and bolstering broker trust in ANZ’s ability to deliver timely results - on a consistent basis.

Reasons for Choosing ANZ

The upward trend in ANZ’s broker usage and satisfaction is driven by various factors. While favourable product pricing played a role, with aggressive pricing throughout late 2023/early 2024, it has lowered now September 2024 to 33% of brokers (6mma). ANZ's core strength, consistent with other major banks, lies in its ability to service a range of client circumstances. 

Conclusion

Over the last few years, ANZ’s enhancements in broker engagement, experience, and processing efficiency underscore its commitment to refining residential lending services. By consistently responding to broker feedback, reducing turnaround times, and focusing on relationship-building through effective BDM interactions, ANZ has positioned itself as a reliable and competitive choice in the market.