Finance and Coffee: Friday Wrap7 Joulu 2020

Bluestone: Insights behind the philosophy to "earn the right to do business" with brokers by building better relationships and training

In this podcast, Dien Le and James Angus (Bluestone's Chief Customer Officer) have a candid chat about what the non-bank lender is doing to win broker trust by treating them with respect and installing the belief that when they put business via Bluestone, they are given the respect that they deserve by having quick service with great BDM support. Building on that winning formula is also a game plan to take Bluestone to another level in 2021 by implementing new platforms that will allow new product offerings as well as technology capabilities to grow market share.

In the last few weeks, Finance and Coffee conducted a series of surveys inside the group. We asked questions around what brokers would like to see from non-bank lenders in order to use them more. The questions were things such as "what was valued more" from lenders such as SLAs, Rates / Cashback offerings, and BDM responsiveness. We also asked the same question about what they valued from the major banks. The results were surprising and we discussed them in this podcast.

As this podcast goes to air, broker market share has also officially hit more than 60%. This is despite 2020 being one of the toughest lending landscapes since the GFC. With the onset of COVID-19, we saw SLAs blow outs with some lenders to over 30 days, on top of record low interest rates and cashback offers across the board causing much mental stress on most brokers. This segways into an interesting conversation about broker segmentation. Why lenders do it and James' experience in implementing it and why it does not work. Especially for non-bank lenders where the philosophy is to "earn the right to do business" with brokers by building better relationships and training.

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