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In an exclusive podcast with Broker Daily, to be released in full next week, Baber Zaka, the new general manager of third-party at CBA, spoke candidly about what looks like a fresh approach to the bank’s third-party distribution strategy.
Talking to Broker Daily Uncut co-host Phillip Tarrant, Zaka said that the bank’s multichannel strategy has caused friction at times with the broker channel; however, the bank remained committed to brokers.
“One of the biggest things I want to do coming into this role is be very transparent and open with brokers and actually rebuild some of the relationship that I think CBA has potentially lost over the last couple of years,” he said.
For some time, CBA has appeared to prioritise its direct distribution over the third-party channel as the bank looks to retain and grow its overall share of the lucrative mortgage market.
CBA’s first half FY2025 results revealed that broker-originated loans dropped to 34 per cent of its new mortgage flows, down from 35 per cent in the previous six-month period ending June 2024.
Conversely, CBA’s direct channel accounted for 66 per cent of new mortgage business during the six months to December 2024.
This marked a small increase from 65 per cent in June 2024 and made up $44.9 billion of the $68 billion in total mortgages originated in the six months to December 2024.
At times, CBA has been blunt in communicating its ambitions to grow its proprietary channels and this undoubtedly raised the ire of many brokers.
Zaka was at pains to recognise that it has ground to make up with the brokers and he is focused on restoring faith with the channel.
Tarrant agreed that CBA has strong supporters in industry but also the biggest detractors.
While CBA remains a cornerstone of third-party lending, there is clearly work that needs to be done to restore broker faith.
“It has taken us this long to come out to actually say how committed we are to the market. We say that behind closed doors to our supporters. Matt Comyn met brokers in December and we reiterate our commitment to the channel,” Zaka said.
“But we haven’t been great at being proactive in that messaging, and so, people are left to make their own minds up.”
Zaka has worked with CBA for 12 years. The last five have been with the third-party business and a month ago, he was appointed to general manager of third-party.
Coming into the broker side of the business five years ago, Zaka said he noticed a “huge dichotomy between supporters and detractors.”
Tune in to the full Broker Daily Uncut podcast, going live on Monday, 31 March at www.brokerdaily.au.
