ubank puts renewed focus on broker support

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Support for brokers is front of mind as ubank moves to speed up applications and focus on a vibrant customer experience

WORRIED THAT digital banks are going to muscle brokers out of the lending market? Perhaps that was a concern a few years ago, but the image of one key disruptor in the banking space has changed of late. “ubank is no longer seen as a competitor to brokers but as a digital bank propelling the mortgage industry forward, offering parity of products and pricing via direct and third party channels,” says ubank head of broker distribution George Srbinovski. Australia’s first digital bank has been turning mortgage broker heads since it opened in 2008, and its recently completed merger with neobank 86 400 was no exception. But now brokers will be looking at the lender as an option to offer their customers rather than as a rival. A part of National Australia Bank, ubank is ramping up its support and investing in both people and technology to bring more brokers on board. “ubank’s focus is to continue delivering to the broker channel with fast application times and amazing service from our BDM and operations team,” says Srbinovski. The bank has hired four additional people for its BDM team so it can offer brokers and their customers the best experience, he says.

Since entering the market in 2008 as Australia’s first digital bank, ubank has been helping Australians get the most out of their money. Customers can see their money from over 100 financial institutions in one place – no matter where they have accounts. Thinking of itself as a money app first and a bank second, ubank brings together smart features, including savings targets and bonus interest nudges, with real-time insights and a digital home loan experience designed to help customers get ahead. A part of National Australia Bank, ubank completed a merger with neobank 86 400 in 2022.

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“ubank’s focus is to continue delivering to the broker channel with fast application times and amazing service from our BDM and operations team”

George Srbinovski, ubank

Tech and people support A big part of the appeal of ubank is the slick technology that brokers get to use through the Loanapp gateway as part of their work, and the time dividend that can be spent on more interesting things than paperwork. More than 8,000 brokers currently use the platform. “ubank allows brokers to spend more time assisting customers as we’ve simplified the process by making it entirely digital, allowing for faster approval,” says Srbinovski. “Like anything in tech, we never stop learning or enhancing.”

George Srbinovski, ubank

It might sound a bit overwhelming to some, but ubank is ready to help even the most technophobic brokers get ready for the future of lending. Srbinovski says one of the standout features that people should expect from the new, post-merger ubank is its enhanced support for brokers. “Since launching to brokers, we’ve almost doubled the people in our assessment team and have added extra team members in the credit department,” he says. “We’ve also elevated the positions of our business development managers to state managers to make the home loan approval process as easy as possible and reduce the amount of paperwork for both brokers and their clients.”

Specifically, ubank is enhancing its processes to provide ongoing training and development for its brokers to learn its new fully online application process. While the digital revolution in business has accelerated due to the pandemic, ubank doesn’t plan on leaving brokers behind, even if some might feel the digital train has already left the station. “Brokers should look out for detailed education workshops and training resources [such as] guides,” says Srbinovski. The digital bank will be doing national webinars and localised state-based training throughout August. “We’ve also expanded chat support to help brokers with deal submission and rolled out our loan triage process to increase deal quality and approval times.” Market information will also get to brokers quickly with ubank. Brokers receive updates on rate changes at least 48 hours in advance, so there are no post-submission surprises for them or their customers. Srbinovski says another feature, tied to digital but with humans firmly in mind, is the “vibrant” customer experience it offers. “Brokers are our customers, so we’re improving the way we communicate with them to better and more regular modes,” he says. “We’re also looking at ways to improve our processes to streamline what you would get from a normal home loan.” For brokers who worked with 86 400 before the merger, the process is simple. “If you held any pre-existing accreditation with us, we transferred it across with the rebrand, so there are no additional requirements,” says Srbinovski. For those looking to get accreditation, the process remains the same, and brokers should contact their aggregators.

Looking ahead Other changes in the works include a rebrand and a marketing drive. In conjunction with whiteGREY, ubank recently launched its latest campaign, ‘That’s How You Money’, highlighting its promise to help the next generation of Australians be more successful with money. To be sure, the ability to support people in the loan space is predicated on superior technology, but the result is a more efficient experience overall, not to mention one that dovetails with the profound changes being wrought in working practices and society at large by the pandemic. “That’s a very exciting proposition for customers and brokers alike,” says Srbinovski. Banking has been shaken up by the pandemic, and there is quite a lot of competition from new and smaller players, especially in the non-bank lending space. The last six months have also seen inflation take hold and an end to the ultra-low interest rates that fuelled the recent property boom. But Srbinovski says that ubank can handle anything the market throws at it.

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“ubank’s focus is to continue delivering to the broker channel with fast application times and amazing service from our BDM and operations team”

“Since launching to brokers, we’ve almost doubled the people in our assessment team and have added extra team members in the credit department”

“ubank’s focus is to continue delivering to the broker channel with fast application times and amazing service from our BDM and operations team”

“Since launching to brokers, we’ve almost doubled the people in our assessment team and have added extra team members in the credit department”

Support for brokers is front of mind as ubank moves to speed up applications and focus on a vibrant customer experience

Source: Reserve Bank of Australia Bank Lending and Credit Aggregates – D2 data, July 2022

Jan 2021-2022

$225.6bn

Apr 2021-2022

+9.8%

Year-on-year change

Year-on-year change in value of loans and advances by non-banks

275

250

225

$247.8bn

$250.6bn

$227.3bn

$250.8bn

$229.0bn

$253.8bn

$230.8bn

Feb 2021-2022

Mar 2021-2022

May 2021-2022

Jun 2021-2022

2021

2022

$233.7bn

$257.9bn

$237.0bn

$261.9bn

+10.3%

+9.5%

+9.9%

+10.4%

+10.5%

Number of brokers using ubank platform

8,000

“We’re digitising the entire brokerage process and enabling faster approval times to give Australians the confidence they need to make one of the biggest purchase decisions of their lives.” Regardless of what the market is doing, the endgame for any bank, digital or not, is to be the lender of choice. “We plan to provide competitive, low interest rates and a seamless digital experience that’s unrivalled,” says Srbinovski. Rather than any rival to brokers, ubank is perhaps now their ultimate enabler. “Our broker-first strategy means we're here to improve on speed and efficiencies and allow brokers to provide an outstanding level of customer service to their customers.” Welcome to the future.

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