MPA Brokers on Non-Banks 2021 - Brand Recognition
Accolades
Media
Milestones
1999
2003
2007
2015
2020
2021
Waugh debuts as a professional rugby player with the Waratahs; makes Test debut with the Wallabies
1999
Named vice-captain of Australia's Rugby World Cup team
2003
Named captain of the Waratahs
2007
Appointed head of asset finance at CBA
2015
Becomes head of private wealth north at Westpac
2020
Joins NAB as executive broker distribution
2021
Creating simplicity and transparency for brokers
It somehow seems appropriate that National Australia Bank executive broker distribution Phil Waugh used to play openside flanker for the Wallabies.
NAB is upping its game for the post-pandemic broking world, and openside flankers are best known for their ability and willingness to tackle and win turnovers at the breakdown in play.
Emerging from the pandemic is a breakdown moment of sorts for the mortgage industry as seasoned financial institutions contend with a playing field that’s very different from 2019 and a host of new competitors with unfamiliar playbooks.
Waugh seems to be in his element.
“I'm loving the industry,” he says.
“Probably most pleasing is the quality of people and not just at NAB but the quality of people across the industry and the leadership across the industry.”
Waugh took up his position at NAB in early June last year, just before lockdown measures were introduced in Sydney to curb the ‘Bondi cluster’ COVID-19 outbreak.
His job is to ensure that NAB’s broking business remains focused on delivering simple home loan solutions and strengthening relationships
Spotlight
NAB is Australia's biggest business lender and one of its largest banks. NAB's broker channel is uniquely positioned to provide brokers with the tools and support they need to help their customers. Its aim is to be the most reliable bank for brokers and to ensure consistent service across all channels. What sets NAB apart from other lenders is a long-term commitment to brokers and the broker industry. This commitment is highlighted by its FY21 results – broker distribution grew by 10.5% versus 3.5% for rest of NAB. The broker channel is NAB's top priority for investment in home lending in 2022.
Company Profile
1982
Year established
32,000
Number of employees
7,000+
NUMBER OF ATMs ACROSS AUSTRALIA, NZ AND ASIA
9 million
Number of
customers
21st
Global ranking by size based on market capitalisation
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of experience
11
tenure at current position
3 years
fast fact
Played in 79 rugby Tests with the Australian Wallabies
Phil
Waugh
Executive broker distribution and Advantedge at National Australia Bank
Amid regulatory change and advancing technology, NAB’s Phil Waugh has his eyes set firmly on delivering consistency and clarity to brokers through strong relationships and smarter digital solutions
Read on
“We're quite overt in the fact that we want to be the bank behind the broker”
Phil Waugh,
NAB
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Creating simplicity and transparency for brokers
Spotlight
Years of experience
11
Tenure at current position
3 years
Fast Fact
Played in 79 rugby Tests with the Australian Wallabies
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
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Milestones
2011
2012
2015
2016
2019
2021
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2011
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2012
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2015
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2016
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2019
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2021
Read on
MPA Brokers on Non-Banks 2021 - Foreign Non-Residents
AMA 2021 Non-Bank of the Year Excellence Award
AMA 2021 Best Non-Major Bank BDM
Phil Waugh,
NAB
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“We're quite overt in the fact that we want to be the bank behind the broker”
“We're working at NAB around automating as much as we possibly can to make things simpler and easier for our brokers and for our customers”
“We're quite overt in the fact that we want to be the bank behind the broker”
Victoria, Australia
based in
IN PARTNERSHIP WITH
Successful amalgamation of NAB broker distribution and Advantedge white label teams
Career highlight
across the organisation to provide brokers and their customers with greater consistency and clarity throughout the lending process.
The share of business deriving from brokers at all lenders has consistently increased since 2019, and NAB is no exception.
“We've already seen a significant trend in the fact that customers are choosing brokers for their home lending needs in almost 70% of occasions,” Waugh says.
He expects the trend to continue in 2022, which makes the broker channel “critically important” to NAB.
Relationships matter
Waugh is well aware that the future of the bank rests on forging successful and robust relationships with brokers.
“Our [FY21 lending] growth is almost 11% through the broker channel, and when you then compare that to the actual proprietary channels, it’s more around 3% to 4%.”
The commitment goes right to the top.
“We have a leadership team that's genuinely invested in the broker channel. And we're quite overt in the fact that we want to be the bank behind the broker.”
Waugh says the increasing dominance of brokers is a sign of the lending industry’s maturity, something also reflected in recent continued support from industry and government, and in the decision not to move forward with a review of mortgage broker remuneration.
“We think that's a great outcome for the industry but also a real recognition of the advancements that the industry has made, the sophistication, the maturity, the learning and development that's occurring across the industry.”
Simple and digital
To boost its support for brokers in the post-pandemic lending game, a key area of focus for NAB is increasing automation.
“We're working at NAB around automating as much as we possibly can to make things simpler and easier for our brokers and for our customers,” says Waugh.
The shift towards automation is significant, as there are many new disruptive technologies shaking up the market that cannot not be ignored. One major factor tying into automation is the rise of open banking and the importance of embedding it into the origination processes, he says.
“We're working really closely with our technology teams to ensure that what we're delivering into the market, from origination process right through to settlement, is as convenient and simple as possible.”
Quicker, simpler and smarter systems will be needed as all players in the industry collectively brace for the prospect of higher interest rates. The repercussions of anticipated higher rates are already evident in the market.
“I think that everyone's seen cost of funds come through into the market far quicker than anyone predicted even three to four months ago,” Waugh says. “So obviously, managing the impact that has on brokers and customers is very important.”
He points out that many customers are due to move off two-year fixed rate products in the next few months. Some customers will never have experienced a rising interest rate dynamic before, and brokers have their work cut out for them in terms of keeping clients fully informed.
"[It’s] really important to ensure that those customers transition smoothly into their next rate.”
Equally important is understanding how those rate rises flow through and impact brokers, and banks such as NAB have an education role to play here also.
“How do we ensure we manage that for brokers? That's going to be a really interesting path to navigate as we see the funding markets change and change quite a bit, at quite a speedy rate.”
Regulation is also something that needs to be addressed, Waugh says; appropriate regulation is one of the biggest challenges for the industry at the moment and something that may come into play in light of the election.
“As an industry, we need to … keep driving the standards that the industry sets itself, and I think that's largely around the industry leadership.”
Another area he has on his radar is debt-to-income ratios and whether they are sustainable. There has been growing commentary in relation to these ratios being six times and above in New Zealand.
“We're starting to hear and feel that same sort of commentary here in Australia.”
Waugh says there's a balance to be struck between ensuring that brokers are managing customers as best they can, and lenders are managing the balance of business.
“[We need] to ensure that we've got the right mix of lending for debt to income less than six times and above six times.”
To be sure, Waugh has a lot of moving parts to keep track of with new tech, changing rates, politics and regulation. Two traits he has used to underpin his approach to the job are ensuring clarity and consistency in NAB processes so that they are predictable for brokers.
Sounds a bit like a good recipe for reading scrappy midfield play, as you would expect from a seasoned openside flanker.
It somehow seems appropriate that National Australia Bank executive broker distribution Phil Waugh used to play openside flanker for the Wallabies.
NAB is upping its game for the post-pandemic broking world, and openside flankers are best known for their ability and willingness to tackle and win turnovers at the breakdown in play.
Emerging from the pandemic is a breakdown moment of sorts for the mortgage industry as seasoned financial institutions contend with a playing field that’s very different from 2019 and a host of new competitors with unfamiliar playbooks.
CAREER HIGHLIGHT
Successful amalgamation of NAB broker distribution and Advantedge white label teams
Waugh seems to be in his element.
“I'm loving the industry,” he says.
“Probably most pleasing is the quality of people and not just at NAB but the quality of people across the industry and the leadership across the industry.”
Waugh took up his position at NAB in early June last year, just before lockdown measures were introduced in Sydney to curb the ‘Bondi cluster’ COVID-19 outbreak.
His job is to ensure that NAB’s broking business remains focused on delivering simple home loan solutions and strengthening relationships across the organisation to provide brokers and their customers with greater consistency and clarity throughout the lending process.
“We're working at NAB around automating as much as we possibly can to make things simpler and easier for our brokers and for our customers”
Phil Waugh,
NAB
2011
2012
2015
2016
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2011
Milestones
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
CAREER HIGHLIGHT
Successful amalgamation of NAB broker distribution and Advantedge white label teams
“We're working at NAB around automating as much as we possibly can to make things simpler and easier for our brokers and for our customers”
Phil Waugh,
NAB