AMP Bank's head of sales and marketing on the industry coming together to ensure future growth
AMP Bank's head of sales and marketing on the industry coming together to ensure future growth
After more than 20 years in the third-party mortgage space, the Combined Industry Forum was the first time I’ve seen interests and views from all corners of our industry come together to co-create the reforms and changes necessary for the future growth of our industry.
Thirteen banks, nine aggregators, six industry bodies and six brokers made this a priority, committing to reach a consensus on the best way forward for consumers and the industry.
Most importantly for me, the group recognised that consumers had to have a seat at the table for us to achieve a truly comprehensive response. The involvement of leading consumer group, Choice, was instrumental in achieving the outcomes we did.
The reforms are designed to deliver better consumer outcomes and improved standards of conduct and culture. Underlying the six principles is a commitment to being open and transparent with data.
This, I believe, is the most critical element to how the industry will continue to mature.
The reforms will deliver a new level of transparency for consumers. Can you imagine a time in the near future when customers will be able to see details of all brokers? From what products they sell, through to what services they offer, or even to individual customer satisfaction ratings in a comparable format.
Over the past two decades I’ve been part of an industry that has become a significant driver of competitiveness in the Australian housing market, which now represents over 50 per cent of all home loans.
Maintaining the vitality of this industry through review and reform is critical.
AMP Bank will continue to play its part in ensuring a healthy, growing mortgage industry. There’s a lot more work to be done and the Combined Industry Forum will continue to work together in the implementation phase of this reform. It can only mean good things for the industry and, importantly, for consumers.
Glenn Gibson is head of sales and marketing at AMP Bank and has over 25 years’ experience building and managing sales, marketing, operational and credit businesses within domestic and international financial institutions.
