The group’s newly launched digital bank, Hiver, is looking to roll out loan products to the broker channel.

Hiver made its debut as a new bank under Teachers Mutual Bank Ltd with its app launch in June, which offered a savings product and a 1 per cent cashback scheme on essential purposes.

Teachers Mutual chief executive Steve James told The Adviser that it is set to soon launch its loan products, which will also make their way to the broker channel.

“I think we’re aiming for the end of October, early November, to go out to the broker channel at this early stage,” Mr James said.

“Hiver was launched with a whole range of new savings products and the loan products were designed to start from October, November, this year. That’s when they’ll start and hopefully that’s when we’ll be using the broker channel as well.”

Hiver will serve a dual purpose for its parent group – allowing it to offer a digital bank for younger users and to test out and finesse new products, systems and technologies, before introducing them to Teachers Mutuals’ other banking brands

Teachers Mutual has plans to take learnings from Hiver across to its four other brands in 2022.

To read the full article from The Advisor, click here.