News that affected brokers 2022

Did we mention that Brokers achieved 71% market share this year? Despite all the headwinds from channel conflict, to negative media stories, brokers came up on top because customers choose to vote with their feet.

Granted if we looked at where the loans were placed, the BIG 4 still tops, the point however is that the customers choose to approach the broker first to place said loans speaks volumes! Why have bank’s lost customer loyalty year on year?

Another big issue to arise in 2022 is the Cost of Living Pressure on everyday items due to supply issues. Interest rate rises also added to the headaches. We now have a whole generation of homeowners having to deal with rate rises for the very first time. “Highest rate inTen years”… “Fixed Rate Cliff” are readily dragged out as clickbait stories.

Without a doubt there will be some who will find themselves in hardship next year. But will this drive more customers to brokers or back to the Banks’Direct Channel?