CHALLENGE

Commonwealth Bank of Australia (CBA) has a network of mortgage brokers who are a vitally important part of the bank’s service offer in the lending sector. CBA approached CoreData in 2016 to develop a benchmarking tool that would allow the bank to track broker satisfaction levels on an ongoing basis and enhance the performance management system used to measure the efficacy of the internal sales team in satisfying broker needs. The research report would also be shared with the bank’s internal stakeholders.

APPROACH

CoreData worked with CBA to design an online survey covering the key drivers of broker satisfaction by broker segment, across areas such as: relationship management; credit decisioning; call centres and mortgage processing. The research insights would form the basis of a main report identifying opportunities for improvement for the bank, state-based reports, and reports on individual relationship managers.

RESULTS

The insights from the initial survey and reports have substantially increased CBA’s ability to increase the effectiveness of its relationship managers, allowed the bank to identify broker segments in which there are opportunities for market share growth and revealed ways for CBA to substantially reduce the volume of broker calls to its contact centre. In addition, the individual relationship manager reports provided valuable insights for the bank’s state managers from both a recruitment and retention perspective. The results have been included in the sales team’s key performance indicators and the reports will be used to identify and consider areas of strengths and weakness during ongoing performance management discussions.