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An increasing utilisation of “evolving broker technology” has reportedly been one of the drivers for growth at aggregator eChoice’s core business.
According to Blake Buchanan, eChoice’s general manager of aggregation, innovative technology, supported by specialist people, have “proven the ideal combination in driving annual growth” within the company’s broker network.
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Mr Buchanan said: “The last financial year saw our distribution base grow by 20 per cent, contributing to an annual increase in settlements of 5.6 per cent. And common to both results was brokers having access to business enabling-technology and hands-on support from dedicated teams of experienced professionals.”
He noted, however, that businesses needed to know about technology’s “commercial value” to business to reap its full benefits.
He said: “Dedicating time to educating brokers about what’s new on offer is key to empowering them to look at their individual business and use all the assets available to them in order to be able to capitalise on every opportunity.
“It’s the age old adage, where if you don’t use it, you lose it.”
Mr Buchanan also predicted that changes in lending rates, a “shifting property market” and a developing regulatory environment will continue to see aggregators offering progressive solutions for brokers and their clients to meet the needs of the “new” market.
He said: “Greater demand for whole-of-business platforms and a diversified range of products, services, partnerships and programs has dominated much of the last 12 months for many brokers and this is only set to continue, because brokers, like their clients, want more.
“This means the differentiator for their success over the coming year will be their ability to seek out the best tools, assets and team available to them — and translate opportunities into action to grow their business.”
The advent of fintech has split the broking industry, with some welcoming its ability to capture data, generate leads, and enhance mobile capability, while others have rallied against new online platforms and staunchly defended face-to-face customer service.
Find out more about fintech and how it is disrupting the broking industry in the The Adviser.
[Related: eChoice expands third-party offering]
