Bendigo ramps up preparations for broker launch

Bendigo and Adelaide Bank has announced that it has selected Salesforce as its client relationship management (CRM) software provider ahead of the launch of its new broker offering and digital transformation of its home loan origination system.

While Adelaide Bank has traditionally been the sole brand operating in the third-party channel for the group, Bendigo Bank (which has been direct-only) has been moving to break into the broker channel.

It expects to officially launch a broker offering through the Bendigo Bank brand later this year, alongside the launch of a new mortgage origination system as the lender continues its digital transformation journey.

Ahead of the launch, the banking group has selected Salesforce Financial Services Cloud to power the brand’s first CRM system.

According to the group, the selection aims to “reduce complexity, introduce efficiencies and further enhance customer experience, by consolidating technology stacks, harnessing intelligent automation and offering digital self-service”.

The platform will digitally transform its operations and customer service within its business, agribusiness and third-party banking arms.

Speaking of the new partnership, Darren Kasehagen, Bendigo and Adelaide Bank’s general manager, third-party banking, said: “We are very excited to be going live with this market-leading customer and partner relationship management capability from next month.

“The technology will provide our partners and our staff with more efficient and personalised experiences and ultimately allow us to help more customers more effectively.

“Salesforce is one component of our overall transformation journey that will culminate with the launch of the Bendigo Bank offering through our broker channel and the launch of a brand-new mortgage origination system.”

Adam Rowse, chief customer officer for business and agribusiness at Bendigo and Adelaide Bank, added: “We put our customers at the centre of everything we do and are constantly focused on finding new ways to better serve them. Bringing in Salesforce will help us in our mission to continuously innovate and differentiate our offering in market.

“This transformation is a crucial enabler for our business, empowering our bankers to devote more time to delivering better outcomes for, and building deeper relationships with our customers.”

Welcoming the partnership, Frank Fillmann, EVP general manager at Salesforce ANZ, said “Salesforce and Bendigo and Adelaide Bank share a core value of trust, and we’re excited to support the bank on its continued journey of trusted innovation.

“We look forward to supporting the bank’s aim of sustainable growth at an accelerated pace through better customer experience and greater operational efficiency.”

Technology transformation at Bendigo and Adelaide Bank

The ASX-listed lender has been investing and updating its technology and broker offering over the past three years.

As well as adopting Salesforce’s CRM, it last year integrated Sandstone Technology’s LendFast platform to improve its loan processing capability and customer and broker experiences.

Speaking last month at the lender’s annual general meeting (AGM), chief executive and managing director Marnie Baker confirmed that it would focus on launching new digital product offerings as part of its transformation process.

Ms Baker flagged that, in the 2023 financial year, the bank had launched “new digital product offerings” including term deposits online, reduced the number of core banking systems from seven to four, and reduced the number of IT applications by 90 (as well as “moving one-third of them to the cloud”).

She added: “As of the second half of 2023 financial year, 12 per cent of the bank’s home loan settlements are now fulfilled through digital channels.

“We are excited about the possibilities our investments in digital products have created for us.”

The group’s third-party banking lending has also been increasing. It entered the broker market for agribusiness banking in the last financial year and saw a 5 per cent increase in business off the back of it.

Overall, broker flows made up 66 per cent of new mortgages in the second half of FY23, with the third-party responsible for 53 per cent of its book as at June 2023.

[Related: Bendigo and Adelaide Bank focuses on digital offerings]