Mortgage innovation--where to from here? Now celebrating the first anniversary of its Mortgage Innovation sales force, the Commonwealth Bank is expanding its shopfront strategy and focusing on key success factors.(CHANNEL DEVELOPMENT)

Publication: Journal of Banking and Financial Services

Publication Date: 01-JUN-05

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COPYRIGHT 2005 Australian Institute of Banking and Finance

In July 2004, the Commonwealth Bank introduced its first proprietary branded, independent, non-franchised sales force into the Australian market, called Mortgage Innovation.

Mortgage Innovation has grown significantly in recent months. A steep learning curve was expected as part of this new channel because it went from concept to implementation in just eight months. However, most elements of the original concept have worked as planned, which has provided considerable traction for our Innovators and given them the opportunity to develop a strong independent business backed by the Commonwealth Bank brand.

Not surprisingly, the strategy has evolved. This model is so successful in terms of its value to the Bank that we are expanding our original concept along with our planned numbers of Mortgage Innovators and shopfronts.

A great deal of analysis has been undertaken of those elements that have worked and the profiles of our existing Innovators to produce a very targeted recruitment profile for this channel. We realised...

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