NAB to connect borrowers to home loan bankers in 15 minutes

National Australia Bank (NAB) has launched a new service that can reportedly link customers with one of its 600 home loan bankers via a virtual meeting within 15 minutes.

The bank has said the service, called Meet Now, responds to the increasing popularity of digital banking, given that 93 per cent of NAB transactions are now happening online. It also came amid ongoing branch closures across Australia, which is currently the subject of an extended Senate inquiry and as a growing proportion of borrowers (currently around 71.5 per cent) seek mortgage support via the broker channel, rather than direct.

Customers can ask to book an appointment with a home loan banker online, with each appointment lasting between 30 minutes to an hour.

Borrowers are asked qualifying questions, such as what kind of home loan inquiry they have/want (for example, if it is for buying a property, renovating, refinancing into the bank. or updating an existing loan), how many applicants there are, their source of income, where their deposit will come from, and their choice of media for connecting with the banker (for example, phone or video). Borrowers can also choose to book an appointment in branch or access a mobile banker.

Speaking of the new service, NAB’s executive retail Krissie Jones said: “Virtual appointments exploded in popularity during the pandemic and it’s clear they are here to stay.

“Alongside your GP, accountant, real estate agent, and your wedding planner, you can now meet with your home lender online within 15 minutes.

“We’re seeing customers in Toowoomba being served by bankers in Perth later into the evening so they can get their banking done after their working day. We’ve found the time differences across Australia are really working [in] our customer’s favour.

“It doesn’t matter if you’re in Darwin, Wagga [Wagga], Melbourne, or Chinchilla, you can now be chatting with a lending specialist from the comfort of your home, coffee shop, or workplace.

“Whether it’s sorting out savings on your app after the kids have gone to bed or meeting with a lender at the kitchen table, Meet Now is just another example of how Australians are choosing to bank where and when it suits them.”

Speaking to Mortgage Business, Ann Elkins, finance specialist at MoneyQuest Kew, flagged that the bank was emulating the service that mortgage brokers already provide.

"Flexibility with appointments and quick response times is something that people are used to from the broker network and that may be driving the banks to be more responsive," she said.

"Many brokers have now set up access to their calendars for clients to book in directly (Calendly is one example of an app which is supporting that), often with a choice of virtual, phone or face-to-face options. Moreover, calendars are usually open for appointments covering extended hours and across seven days.

"Improved customer service is something that we all strive for and it is great to see customers needs being recognised.

"A key factor in the growing market share of brokers is that the model is focused on the customer's needs," she said.

[Related: Senate inquiry reveals 97% of Bankwest’s transactions are digital]