With remuneration in the balance, eChoice's CEO argues that targeted investment in technology will pay off
As the mortgage industry continues to grapple with ongoing dialogue surrounding third party remuneration, the need for brokers to keep an eye on finances in their own backyard has never been more important. And this relates to the other side of the ledger.
Running a successful and sustainable business for anyone – particularly in such a dynamic environment – involves at its simplest, looking at what it costs you to provide the brand of service you do, and if you can find a more efficient way to do that.
And that’s where dedicated technology can be the triumph for brokers in reducing their costs.
Because when you consider what it costs to deliver truly exceptional service these days in any financial services space, it extends well beyond a smile and a simple exchange of product.
For brokers to not just survive but thrive in this modern market they must be nimble and adaptable to different rate cycles and mortgage environments. And the technology supporting their business must allow them to have that adaptability.
"Fin Tech is the X factor that allows for comprehensive service that goes above and beyond what the customer expects"
For most, this involves firstly having a leading edge business administration platform that provides the cornerstone of their business. After all, the ability to be mobile and operate their business anytime, anywhere, these days is ever-reliant on technology.
Because we all know that time is money.
And yet, stories are still told about excruciatingly long delays at different junctures in the mortgage process, when in many instances, digital efficiencies can negate much of this - if they are adopted. There’s no surprise turnaround times remain a top priority for brokers.
But the real technology sweet spot for brokers are intuitive customer management systems that facilitate the seamless exchange of data and information across business channels to deliver the ‘hey presto’ moment. Anything less – and it’s a liability.
In recent times the simple introduction of an auto-population capability which allows client information to be cross-populated across all NCCP forms, now saves brokers over thousands of hours in administration per year. Just one procedural alteration – and yet the domino effect is immense.
Fin Tech is the X factor that allows for comprehensive service that goes above and beyond what the customer expects as well as offering a digital medium to engage with business building tools and solutions such as lead generation and marketing programs when the broker needs it.
It can revitalise and monetise a dormant database or become a virtual extra set of hands. And delivered by specialist people who understand business, it can be the best ROI a broker never knew they most needed. So while the issue of remuneration continues to garner attention, there’s always time to look at what technology can return to improve a broker’s bottom line.
Peter Andronicos is CEO of tech-focused aggregator eChoice and has been with the company since 2009. He has a background in marketing spanning Australia, Singapore and London.