The Broker Pulse survey — the platform for brokers to share the experiences they have with lenders — is celebrating its three-year anniversary this month.
Michael Johnson, Director of Momentum Intelligence and Broker Pulse
Momentum Media’s research arm Momentum Intelligence is proudly celebrating the three-year anniversary of the Broker Pulse initiative, which was launched in partnership with leading mortgage broking brand The Adviser in September 2019.
The knowledge-sharing initiative, which has grown to a database of over 230 respondents a month, was designed to ask Australian mortgage and finance brokers to share the ongoing experiences they have with the lenders they recommend to their clients.
Through peer-to-peer knowledge sharing, both brokers and lenders gain a unique understanding of the broad and competitive market within which they operate, ultimately delivering a better client experience.
Momentum Intelligence and The Adviser launched the survey after recognising an opportunity to amplify the voice of brokers on a high-frequency basis.
The survey series aggregates broker experiences every month to provide a deeper understanding of how lenders are performing in the third-party channel.
On the first day of every month, participating brokers are asked to rate lenders across a range of key metrics to help them and their peers remain well-informed on the latest changes in lender performance.
Key performance indicators include measuring broker satisfaction with lenders and their application and settlement processes, lender turnaround times (time taken to reach an initial credit decision), and satisfaction with the performance of lender business development managers (BDM) and credit assessors, among other metrics.
As a result of consistently collecting data every month for the past three years, brokers now have access to an unparalleled shared knowledge base that provides peer-to-peer insight into the collective experiences of hundreds of brokers on lender performance in the third-party channel across different segments (including major banks, non-major banks, and non-bank lenders).
This, in turn, enables brokers to make informed decisions for their clients when recommending lenders.
The survey also provides lenders with insight into how they are performing month-on-month and how brokers rate them, as well as areas where they could enhance their service for both brokers and clients.
The survey results are reported a week after the survey opens.
Commenting on the survey initiative, Momentum Markets director Alex Whitlock said: “In isolation it's hard for a broker to know which lenders are currently leading the field and which are falling behind. The market is so fluid and competitive that turnaround times can blow out quickly and policy can change without warning.
“By mapping the shared experiences of more than 200 individuals in a short time frame, the whole broking community gains valuable insight into how to narrow the field when it comes to the most suitable lender to lodge a loan with today.
“I’m very grateful for the huge effort our participants put into this survey for the greater good of the whole industry. It not only helps other brokers make informed decisions — it helps keep the lenders on their toes.”
Momentum Intelligence director Michael Johnson echoed Mr Whitlock’s comments, stating: “We're proud to have been facilitating these insights for the last three years, but it wouldn't be possible without those brokers who have contributed to the knowledge base.
“We're on a mission to encourage more brokers to join the community so that the benefits continue to grow larger for all brokers involved.”
To participate in the Broker Pulse survey and for more information, click here.