- This US sub-prime thing, real or unreal, is shifting Aussie borrowers back to the Big 4
- The service levels for back end settlements (of the Big 4) has never been worse. The Xmas rush is one thing, but the increased volume of business is stressing out the bank's ability to service the Loans.
The ability for banks to service loans at the back end is inelastic. Support is predominately labour driven, not technically driven.
If the back end was technically driven, the banks back end would be elastic. If volume of business grows, relatively speaking they would only have to add one or two more staff.
Conclusion 1. Banks need to adopt more sophisticated technology driven solutions. They need to open up their systems, to give conveyancing representatives the ability to perform simple interactive tasks.
Examples:
- view loan status
- book in settlement online (date, time, place)
- view available funds and provide cheque details
- vice verca, book in a discharge and be given amount to discharge loan
Conclusion 2. Adopt and incorporate LIXI standards across the industry
Conclusion 3. Dont think government electronic systems are the panacea for the industry's problems
Xmas should be a time of joy. Not a time of senseless frustration
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