NAB has announced an upgrade to its Instant Pricing Tool that will enable brokers to lock in savings for their customers by automating interest rate changes directly into customer accounts.
The new Straight Through Processing (STP) enhancement will provide a more streamlined and automated experience for brokers, enabling them to retain customers looking for more competitive rates.
NAB executive broker distribution Phil Waugh (pictured above) said the upgrade demonstrated the bank’s commitment to helping brokers retain customers who were looking for ways to save amid higher living costs.
“Brokers have told us they need more support on customer retention in today’s competitive market,” said Waugh.
“The Instant Pricing Tool enhancement will allow brokers to accept an approved interest rate and have that rate applied directly to the customer’s account at the click of a button. Customers will no longer have to wait days for the rate to be applied through a manual process.”
The latest NAB Australian Wellbeing Index shows that the rising cost of living is the biggest cause of stress for 51% of Australians, with many people looking more carefully at their household budgets and expenses.
“In this environment, brokers have seen their workloads increase with a focus on retaining existing customers who are looking for ways to save,” said Waugh. “At NAB, we’re constantly listening to broker feedback and working to make it easier for brokers to do business with us.”
He said by instantly applying rate changes for customers, the STP enhancement would reduce the amount of time brokers spent on following up repricing applications.
“It will allow them to reshape their business models to be much more efficient when they are retaining customers with NAB,” Waugh added. “As the bank behind the broker, this enhancement initiative ties in with NAB’s commitment to simplifying and digitising the home lending experience for brokers and their customers.”
The automated process applies to existing home loan customers where there are no material changes to existing lending, according to a press release from NAB.
