Yesterday Matt Commyn, CEO, Commonwealth Bank of Australia (CBA) made comment to the banking Royal Commission.
When Mr Commyn was asked 'what ongoing service do brokers provide to customers to earn trail payment?' His response was "little to no" service.
3 things stick out to rebut Mr Commyn's comments;
1. NPS is a program we use to gauge how happy customers are with our service and how likely customers are to recommend your services to their friends and family. For the past 12 months our NPS is +93 (Loan Market overall is +80) whereas the CBA NPS is-3 as published on the CBA Website.
2. Broker share of total home loans written has increased again over the past 12 months by 1.7% to 53% of all loans written.
3. I provide ALL customers an annual review where we specifically request an interest rate review for all customers. This is probably the biggest criticism customers have when dealing with banks is that they never review customers rate to make them competitive with new offers.
So if brokers provide "little to no" ongoing service to customers how is it that our NPS scores are far better than CBA, our share of loans written is increasing and now more than 50% of all loans written and we provide an annual rate review amongst other things.
Our question to the CBA is, what ongoing service do you provide to your customer base?
Banks in glass houses shouldn't throw stones.