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All three banks who have reported results recently have highlighted their push into digital tools to grow their businesses. This provides a threat and an opportunity to mortgage advisers. Philip Macalister explains.

Monday, November 27th 2017, 6:00AM

BNZ is clearly wanting to develop digital tools to service customers and keep them within its own channels, rather than through third parties.

“The more things get digitised, the more we can deepen our relationships with our customers and continue to strengthen our proprietary channels, and proprietary relationships with our customers,” out-going chief executive Anthoy Healy says.

It is a threat to mortgage advisers, he concedes, but “the brokers can digitise, too.”

“The challenge in financial services is that no one quite knows what the future looks like. What we do know is there are emerging capabilities that are going to make a difference. That’s why we’ve been investing in a digital platform, in automation, in AI (artificial intelligence), in data and analytics, all of these capabilities.

“It’s why we’re partnering with people like Apple and Google Pay and Intel. The future is much more about digital platforms and partnerships. If brokers can invest and take advantage of those trends, then they’ll continue to remain relevant and be successful.“

Over at Westpac its chief executive David McLean says: “There’s a certain segment of the market where the brokers really do provide great service to the customer, but we’re not necessarily aiming to grow it.”

He says there are a number of forces at play. On one hand the bank wants to…….

Continue reading this article at the original source from GoodReturns.co.nz




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