In a significant move, Bendigo and Adelaide Bank have announced a major rebranding effort that will see the Adelaide Bank brand phased out by the end of Q1 2025. This change is part of a broader strategy to streamline operations and enhance customer experiences.
As of the end of June 2024, no new business will be written on the Adelaide Bank platform, with all loans transitioning to Bendigo Bank’s systems. This rebranding not only simplifies the bank’s structure but also brings a host of benefits to consumers. Let’s dive into what this means for you and why it’s an exciting development.
Bendigo Bank Now Available to Brokers
One of the biggest changes is that Bendigo Bank is now available through brokers. What does this mean for you? More options. With over 16,000 brokers now able to offer Bendigo Bank products, your choices for financing have just expanded significantly.
Richard Fennell, Chief Customer Officer for Consumer Banking, shared his excitement about the rollout: “We are very encouraged by what we have seen in the first phase of the rollout, receiving more than 450 applications since launch in late 2023, with a median time to initial credit decision in under 6 minutes.”
Exciting Product Offerings
Bendigo Bank is bringing a suite of competitive products to the table. Think competitive interest rates, low fees, and multiple offset accounts – all designed to give you flexibility and value. Whether you’re a first-time homebuyer or looking to refinance, Bendigo’s offerings are designed to meet a variety of needs.
The new Digital Lending Platform promises to make the mortgage process smoother and faster. Darren Kasehagen, General Manager of Third-Party Banking, put it well: “Bendigo Bank Broker is for brokers who want better. We combine strong business relationships and enhanced digital processes to deliver a broker-focused, service-driven platform for brokers across the country.”
Benefits to You
So, what’s in it for you? For starters, you’ll have access to a larger branch network. Bendigo Bank’s wide presence means that help and personal service are never far away. This can be a huge benefit if you prefer face-to-face interactions and the comfort of dealing with a well-established community bank.
Moreover, Bendigo Bank is known for its strong community ties and trusted reputation. As Tanya Sale, CEO of outsource Financial, noted, “You can really see the thought and consideration, for brokers and aggregators alike, that has been invested in this project.”
What This Means for You When Working with a Broker
If you’re working with a broker, this change means even more options tailored to your needs. Brokers will now be able to offer Bendigo Bank products, providing you with more tailored and flexible mortgage solutions. This is all about making the borrowing process easier and more suited to your specific situation.
Blake Buchanan, General Manager of Specialist Finance Group, highlighted the efficiency and benefits of this new platform: “We are always on the lookout for more efficient ways to do business so to have a partner like Bendigo Bank invest in this technology for the benefit of the broker channel is a wonderful step others will have to follow.”
Addressing Any Concerns
Naturally, you might have some concerns about working with a new lender. Rest assured, Bendigo Bank’s long-standing reputation for excellent customer service and community focus should help ease any worries. The transition is designed to be seamless, ensuring you get the best service with minimal disruption.
Ryan Brosnahan, Bendigo Bank’s transformation officer, assured that the bank’s efforts are aimed at reducing complexity and modernising processes to benefit customers. “Migrating to Bendigo Bank means Adelaide Bank customers would gain access to Australia’s most trusted bank, including a greater range of products and services,” he said.
Final Thoughts
Bendigo Bank’s rebranding and expanded reach through brokers represent a fantastic opportunity for you. With a range of competitive products, better accessibility, and a trusted community reputation, Bendigo Bank is ready to meet your mortgage needs in a way that’s convenient and beneficial.
For more details or to explore Bendigo Bank’s offerings, feel free to visit Lagos Financial and chat with one of our expert brokers today. We’re here to help you navigate these exciting new opportunities with Bendigo Bank.
