Steven Degetto: Service Guaranteed

Suncorp Bank has been working hard on its broker service proposition over the last couple of years. As the bank’s head of intermediaries, Steven Degetto, explains, this is an ongoing process, but brokers are already seeing the benefits

Steven DegettoSuncorp Bank has been working hard on its broker service proposition over the last couple of years. As the bank’s head of intermediaries, Steven Degetto, explains, this is an ongoing process, but brokers are already seeing the benefits

MPA: You were appointed to the role of head of intermediaries earlier this year. How have you approached taking on the job?

Steven Degetto: It’s a privilege to lead Suncorp Bank’s intermediaries business, especially after the hard work undertaken by the team over the past couple of years. The business is in a strong position after a period of substantial growth and sustained improvement.

Two years ago we thought about how we could best add value to our brokers’ businesses, and we established the best way to do this was to improve ours – this belief has not changed and it’s fundamental to our strategy.

My approach is to continue to build on this work and to evolve Suncorp Bank’s proposition further.

MPA: What are your short-term and long-term goals for the new job?

SD: For us the challenge is driving increased consideration across a broader number of brokers while simultaneously growing the number of loans from brokers currently working with us.

We appreciate the brokers who have given us the opportunity to do business with them in the past 12 months, and one of my key goals is to grow and enhance these relationships over a longer-term period. Key to Suncorp Bank’s broker proposition is dealing with brokers who have the openness and appetite to consider a non-major for the benefit of their customers.

Longer term, we will continue to evolve our proposition to add value for brokers, including improving our variation process for existing customers and point of sale capabilities for BDMs. It’s important we continue to improve our business and maintain the position as the genuine alternative to the big four. 

MPA: Does Suncorp Bank have any initiatives planned that you’d like to make brokers aware of?

SD: Suncorp Bank is making a significant investment in the future capability and growth of the business, by replacing legacy systems with a modern, core banking platform, supported by standardised processes. This will simplify our business and bring greater alignment and efficiency across our bank.

The benefit to broker partners will be even better service, faster turnaround times and improved  capabilities.

MPA: What kind of feedback have you received from brokers on Suncorp Bank’s products and services?

SD: Our service is at the heart of Suncorp Bank’s broker proposition. The common feedback we receive from brokers is our ability to deliver on what we promise, and we’re proud of that. We know time is important to our brokers, so we aim to get the basics right, like our broker support call centre which answered more than 85,000 broker calls last year, each in under 40 seconds.

Our 100% transactional offset account has a unique structure of up to nine sub-accounts, which allows customers to budget and save, while our three-year fixed rate is very competitive in the market. It’s a pretty powerful proposition when brokers can offer their customers some of the best rates in the market, backed by our service guarantee and the full banking proposition.

MPA: How have brokers reacted to Suncorp Bank’s service guarantee?

SD: Our service guarantee has been overwhelmingly well received; it backs our promise of having the capability of a big bank and the personal touch of a small bank – genuine support and genuine service. We’re committed to the guarantee.

Also, the bank’s significant investment in its automated workflow and imaging capability has given us the ability to double the number of deals in a day without affecting our processes or service.

The fact we back up our 48-hour service guarantee with a $500 payment to the client really shows how serious we are about delivering consistent service brokers can rely on. Consistency is the key; it builds culture.

In the last six months, we’ve only received five service guarantee claims in almost 18,000 facility lodgements. That’s the type of service brokers can rely on if they lodge a deal with us.

MPA: What would you say to brokers who haven’t tried Suncorp Bank for a while?

SD: Our broker proposition has been significantly enhanced over the past two years. Our service is market leading and we’re offering competitive pricing. We’re excited about new brokers doing business with us because we’re confident that the relationship will be a lasting one.

MPA: How important are brokers to Suncorp Bank’s overall strategy?

SD: Across the country we’re seeing the broker channel fast becoming the channel of choice for many customers. This is both a testament to the integrity of the mortgage broker industry and the changing trends of customers. It is a critical channel for us in terms of mortgage growth.

MPA: How can the non-majors such as Suncorp Bank challenge the major banks for mortgage market share?

SD: Non-majors are an integral part of what has become a highly concentrated market driven by the big four. Non-major banks encourage choice amongst brokers that will have a significant flow-on effect to competition that will benefit the customer and the industry.

True competition leads to better products, pricing and service. Australia wants and needs a strong, multi-tiered banking industry, and Suncorp Bank is an important part of the banking landscape.

MPA: Where do you stand on brokers diversifying outside of residential mortgages?

SD: Diversification may be a good option for some brokers, but it’s not for everyone. We understand some brokers are focused solely on mortgage lending and aim to specialise.

However, if a broker has the appetite and the infrastructure to offer additional complementary services or a more complete financial solution, then I think this makes sense from a customer point of view.

MPA: Do you have any other key messages you’d like to pass on to our readers?

SD: For those that have given us the opportunity to do business with them, thank you.

For those brokers who may not have given us an opportunity recently and are open to change, get in contact with your Suncorp Bank BDM or state manager and see if what we have to offer matches with you and your clients.

This feature is from Mortgage Professional Australia's June 14.6 issue. To read this and more, you may purchase this at our store.