#18 - Baber Zaka, GM Third Party Banking: What CBA Really Thinks About Brokers

Mortgage broker market share is pushing 80 per cent in Australia. But the Commonwealth Bank executive who runs the broker channel rarely sits down and says, on the record, what the bank is actually thinking. CBA's Baber Zaka just did.As General Manager of Third Party Banking at Commonwealth Bank, Baber holds one of the most influential roles in the entire Australian mortgage industry, he controls how CBA, the country's largest lender, works with its broker network. And in this conversation, he's candid in a way bank executives almost never are.Blake and Baber go deep on where broking is actually headed: the consolidation coming for a 22,000-broker industry, the value-proposition shift most brokers haven't prepared for, the truth about broker vs. branch channel conflict, and what CBA is building behind the scenes for 2026 and beyond.If you're a broker, this is a rare chance to hear what the other side of the desk is planning. If you're not, it's a masterclass in reading an industry before it changes.What you'll learn:Why the traditional broker value proposition is about to shift and what replaces it when the back end of a loan becomes a five-minute processCBA's real position on broker vs. branch channel conflict, straight from the sourceThe 22,000-broker stat (and the 22 per cent who are inactive): why consolidation is coming, and what it means for youWhat CBA's platinum tier actually looks like from the insideWhy process consistency - not rate - is what CBA believes winsHow a philosophy student became a Morgan Stanley banker, then GM at Australia's biggest bankCareer advice: why you should apply for the things you don't feel qualified forChapters:00:00:00 Introduction and Baber's background00:00:52 From philosophy degree to investment banking00:02:06 The Virgin Money deal: one analyst, 6,000-person acquisition00:07:17 Leadership lessons from the hard years00:13:27 Why CBA's process consistency wins00:26:25 Channel conflict: broker vs. branch, the real picture00:34:17 Broker consolidation: 22,000 brokers, 22 per cent inactive00:35:07 The future value proposition of a broker00:48:49 CBA's strategy for 2026 and beyond00:53:20 Career advice: find what you actually enjoySubscribe for new episodes every week: [Pak Chat YouTube link]Listen on the go: Spotify [link], Apple Podcasts [link]Watch next: [related Pak Chat episode]About Baber ZakaBaber Zaka is General Manager of Third Party Banking at Commonwealth Bank, where he leads the broker channel for Australia's largest lender. A graduate of the London School of Economics (Economics and Philosophy), he spent two decades in finance across Morgan Stanley, Royal Bank of Canada and Virgin Money before joining CBA, where he held senior roles including Chief Operating Officer of third-party banking. Connect with Baber on LinkedIn: https://www.linkedin.com/in/baber-zaka-b059339/About Pak ChatPak Chat is hosted by Blake Thorn, Director of Auspak Home Loans - long-form conversations with the founders, agents and operators who've built something. New episodes weekly.If you work in or around the mortgage industry, follow Pak Chat and send this one to a broker who needs to hear it.