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By Tim Neary
March 27, 2012
Tim Brown
Recent loan volumes indicate a trend away from the Big Four banks, according to Vow Financial's CEO Tim Brown.
"Over the past few months we have definitely noticed a movement towards the non-major banks and other smaller and more innovative financial institutions," Brown said, following news that the aggregator has added four new non-bank lenders to its panel.
Brown said as much a 32% of Vow's business is now being done outside CBA, ANZ, Westpac and NAB.
"This reflects the mood of the market whereby it's not just the brokers who are looking for greater choice, but also their clients who are looking outside the more traditional financing options."
The four new lenders on Vow's panel will be ME Bank, Adelaide Bank, Hemisphere Financial Solutions and Barnes Home Loans.
"ME Bank is looking to provide a genuinely fairer banking alternative, and this seems attractive to brokers," he added.
"A majority of brokers want to diversify their offerings and are ready to explore partnerships with other lenders," Brown said.
Related Stories
Vow Financial: New products, new income streams - Aggregators intent on differentiating themselves should add new products to their brokers businesses to introduce extra income streams, Vow Financial's Tim Brown has said.
Vow's new small business expert guns for better broker earnings - Vow Financial has enlisted the services of contributing best-selling small business author David Staughton to launch its Vow Academy, offering free webinars to improve its brokers' trading skills.
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