BOQ links with Challenger
Bank of Queensland yesterday revealed an openness to enter into distribution with other product manufacturers in what looks like emerging as a central element of the bank's strategy.The bank said yesterday it would market non-conforming home loans, presumably under the bank's own branding, through Interstar, a unit of Challanger Financial Services Group.BOQ said was also "piloting an alliance" with Genesys Wealth Advisers, another business unit of Challenger, for the provision of wealth management advice through the bank's branches.Managing director David Liddy said the bank was open to alliances with other product distributors, and that this was an important element in refreshing the bank's product set.One more initiative, which it sounds like the bank will support with plenty of paid media in the major markets of Sydney and Melbourne, is a renovated transaction accounts. Advertising for this account begins next week."There's nothing else like it in the market" was Liddy's description of this account, after conceding that the bank's current transaction account failed to "meet the market". Presumably it's some combination of a dinkum interest rate and low fees, in which case it's a lot like Suncorp's market-leading transaction account.