(7 March 2025 – Australia) Australia’s asset finance market is undergoing a seismic shift, driven by record-high switching intent (41.2%), a surging broker channel, and the rapid adoption of digital lending solutions.
The latest research from East & Partners shows that CBA leads the market with 18.3 percent primary relationship share, while NAB has slipped to 16.3 percent, and Westpac is rebounding at 10.6 percent. Meanwhile, non-bank lenders are gaining ground, as businesses increasingly seek faster approvals, flexible terms, and technology-driven financing solutions.
With more than 79 percent of SMEs now securing asset finance through brokers, banks must rethink their distribution strategies to remain competitive in a market where direct lending is no longer the default choice.
At the core of this transformation is customer experience and speed to approval. Businesses are demanding instant credit decisions, AI-powered risk assessments, and seamless digital applications, yet many banks still operate on legacy infrastructure that slows the process down. While traditional players hold strong brand recognition, their relationship share is eroding as clients seek faster, more flexible financing from fintechs and specialist lenders.
NAB, for example, has seen its market share decline despite a record business lending pipeline, while BoQ and Macquarie are aggressively expanding their broker-driven offerings. The research shows that banks with superior digital execution and broker-aligned strategies are capturing the most growth, leaving others at risk of losing high-value clients.
The RM component of successful client relationships however cannot be overlooked, especially the higher up the market you go. At a time when almost all other providers are becoming digitally over weight, the link between technology and the RM platform may well be a deciding factor going forward between sustained growth and sustaining.
The big question is: which banks will adapt, and who will be left behind? With asset finance demand set to rebound, the ability to leverage data, streamline approvals, and integrate seamlessly with broker networks will define the winners of 2025 and beyond. Understanding why clients are switching, how broker influence is reshaping the market, and where digital investment will drive the highest returns is now critical.
The East & Partners Asset Finance Market service delivers the insights needed to navigate this rapidly evolving space. How is your bank positioned for the next phase of asset finance?