New app threat to brokers

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Mortgage brokers may feel threatened by a new app that lets Westpac customers apply for home loans via their mobile phones, says the bank’s general manager of customer strategy and experience.

Thursday, July 11th 2013, 7:02AM 7 Comments

by Susan Edmunds

Callum Wilson said Westpac had been surprised at the level of interest in the app, and customers’ desire to apply for home loans through the online channel.

The app launched a couple of weeks ago.

“There was a degree of scepticism that people would do it. The industry view has always been that people wanted to sit down and have a conversation with someone but a number like being able to do it anywhere, all of the time.”

The amount of mobile traffic Westpac gets has increased by 300% over the past 12 months.

Wilson said the app was a potential threat to mortgage brokers.

He said mobile was becoming the primary connection point with banks. But there would continue to be customers who wanted to be able to talk face-to-face with people.

“Lots of people still want to have those complex conversations in person. You’ve always got to be able to do that but there will also be a group who like the convenience and speed of doing it online, any time and the sense of control that comes with the online environment.”

Wilson said younger people were much more trusting about handing their information over online.

Westpac lets customers get home loan approval over phone

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