ABC’s onshore loan processing helps them speed up turnaround times

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Commonwealth Bank has revealed that its onshore loan processing facilities have been at the heart of their ability to reduce turnaround times over the past 12 months, and that they have added more than 400 employees in an attempt to overcome the massive increase in loan applications.

Turnaround times in banks have been a pain point for brokers for years and have been exacerbated during the pandemic as offshore processing has seen wait times increase.

Throughout the pandemic, the CBA has had the largest team based in Australia, although the other four big banks have taken swift action to have more agencies based here with ANZ, Westpac and NAB all hiring new ones. staff to help meet the unprecedented demand.

It comes as Australia’s largest bank unveiled a new third-party strategy and pledged to shift the weighting between proprietary business and its brokerage channel business.

“One of our strengths is our capabilities on land,” said Adam Croucher, third party manager at ABC.

“I think we’ve hired 420 to 440 people throughout the process over the past 12 months. Being able to do that in a tough COVID environment, raising and training these people through Zoom or Teams and all the digital assets we can has been tough, but it was made easier by having them down. “

“We haven’t seen the huge degradation in our service offering as a result of anything outside of Australia. Although it was difficult, we were able to endure it relatively easier than our peers. “

According to Croucher, the relocation of staff was one of the main reasons CBA was able to welcome so many Australians into their first home this year.

“I think this is the strength of the CBA, as one of the two main lenders of the First Home Loan Deposit Scheme we were able to support the Australian community during a really difficult time,” he said. .

“We have been able to help nearly 6,400 clients buy their first home sooner than any other lender, and this has been critical to us in ensuring that our competitive mortgage products and cutting edge features truly focus on the needs. from Australia. “


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