on 14-08-2018 09:30 AM
Thank you Marielle for your blog in relation to the banks. It was extremely informative. The one thing that always comes up with banks is their workload and how as conveyancers we make it difficult for banks because we try to contact them too much. We try to contact them because we are acting for humans (clients) in one of the most important transactions of their life. These clients ask us questions and are on set time frames that need to be met otherwise there are financial and emotional consequences. I have been doing conveyancing for over 18 years and have spent endless hours on the telephone waiting for banks. I now write conversations (not high importance) on PEXA to banks and wait for a reply.... 24-48 hours pass and even 1 week will pass and I do not get a reply that is when I re-send the conversation and mark it "high importance" and start reverting back to calling the settlements booking line and go back to waiting anywhere from 15-40 minutes. I also mark conversations on the day of settlement "high importance" because they are !
This industry is high paced and stressful. We are all busy and as conveyancers we adapt. If the workload becomes too much we work more hours or employ more staff. I am so sick of hearing that banks are busy and have high workloads and we as conveyancers need to be more patient and not be so needy in wanting our matter to settle on time or asking relevant and important questions. Why don't banks employ more staff and train them? has that ever been considered a remedy to the banks high workloads or is it just easiest to blame conveyancers for doing their job ?
Marielle, I would really appreciate if you could ask the banks next time you meet as to why they simply do not employ more staff and train them. A reply that they cannot afford it is not acceptable given the amount of profit that banks make.
I look forward to bank blog #3
on 17-08-2018 08:40 AM
Hi Cory, thanks for your note – it’s hard for me to comment on behalf of the banks as to why they do/don’t employ more staff. I am sure like most businesses they have drivers and reasons. But what I would really like to share with you are a few key observations and learnings I’ve picked up over the years we have been working with the various banks.
The current number of operations staff using PEXA is surprisingly high. Some of the larger banks have several hundred signers set up and several hundred PEXA users (not all of these people are working at the same time) and these teams can either be centralised or disbursed across different locations and offices. In addition to the bank’s operational PEXA teams, they’ve also employed project and change management teams to ensure the new processes and procedures can be implemented and continually refined across all key areas of their bank.
For example, when a change is made it might affect the retail bank, the business bank, product teams, operations, support centres, settlement booking lines, bank payment systems and treasury teams, relationship managers and the branch network – just to name a few areas that might be impacted. Given the size of some banks, changes can take some time to be approved and implemented.
While I know this doesn’t help you on settlement day I wanted to share this background with you, to help put into context the enormous amount of change underway in these organisations – probably much like the change you have undertaken in your company.
The banks are looking at more innovative ways to support and streamline customer activity. Some examples of this include entering loan proceeds when loan documents are sent to the customer, automating the calculation and upload of payout figures. It is worth noting that both these efficiencies are dependent on the upload by the Practitioner of the total Funds required to settle.
Some banks are working with key government areas to enable digital loan documents, which will go a long way to addressing the longstanding problem of Loan Documents being returned too close to settlement.
Transition in any industry can be complex and when managing change at an organisational level finding balance and the best approach is different for everyone. One thing we know for sure is that the efficiencies are more evident as the transformation progresses. I think you have just given me the topic for the next blog – thanks and stay tuned for the next edition where I will talk about managing the transition.