SgB plans third party growth
(29 March 2011 – Australia) Following not so glowing results, St George has declared it will endeavour to streamline processes and enhance its products as it endeavours to grow third party volumes by 10 percent over the coming years.
Rob Chapman, St George’s CEO said to The Adviser that while St George tightened lending 12 months ago, the bank was now ready to boost its loan book and market share.
"We pulled back from the market, but now we are in great shape and we are ready for business."
In addition to the launch of the Bank of Melbourne in Victoria, Mr Chapman said that the bank is eyeing growth in New South Wales and in Queensland – and much of this will be driven by brokers.
'The third party distribution channel is really important to us. The broker channel accounts for just under 40 percent of our business to date, and we want to grow that by another 10 percent," he said.
"To do this, we know we need to have a valuable proposition that both brokers and consumers want."
Mr Chapman said the bank wouldn’t just look to improve one area, but rather look to improve every area of their proposition including product, policy, process and price.
'There will be some product development for the broker channel – and there is the prospect of a new product that we're looking to bring to market.
And the bank will also look to streamline back office processes through sharing resources with parent group Westpac.
"There is no point just focusing on price or policy. We know to be competitive we have to have a competitive suite of products, fast turnaround times and excellent broker support," he said.
"We pulled back from the market, but now we are in great shape and we are ready for business."
In addition to the launch of the Bank of Melbourne in Victoria, Mr Chapman said that the bank is eyeing growth in New South Wales and in Queensland – and much of this will be driven by brokers.
'The third party distribution channel is really important to us. The broker channel accounts for just under 40 percent of our business to date, and we want to grow that by another 10 percent," he said.
"To do this, we know we need to have a valuable proposition that both brokers and consumers want."
Mr Chapman said the bank wouldn’t just look to improve one area, but rather look to improve every area of their proposition including product, policy, process and price.
'There will be some product development for the broker channel – and there is the prospect of a new product that we're looking to bring to market.
And the bank will also look to streamline back office processes through sharing resources with parent group Westpac.
"There is no point just focusing on price or policy. We know to be competitive we have to have a competitive suite of products, fast turnaround times and excellent broker support," he said.