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The asset finance group has launched a BID-compliant CRM system, in addition to a quoting and lodgement system designed for mortgage brokers.
Platform Finance has rolled out its customer relationship management (CRM) system, Platform Connect, as the group prepares for the official start of the best interests duty (BID) on 1 January 2021.
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The launch has come on the heels of the federal government looking to extend BID to all credit assistance providers instead of just mortgage brokers in a move to reduce conflicts of interest.
This is in accordance with new consultation on changes to the responsible lending obligations announced by the government in September, with the bill surrounding the BID extension and the removal of responsible lending obligations introduced into Parliament on 9 December.
Previously, BID was only legislated to cover mortgage brokers, in line with recommendations of the banking royal commission.
Platform Finance has also launched Platform Plus, which is a quoting and lodgement system designed specifically for asset finance and mortgage brokers.
Platform Finance carried out a soft launch of Platform Plus – which is a condensed version of the Platform Connect system and is mainly used by mortgage brokers to submit asset finance applications – in October this year.
According to the group, since the soft launch, the team has been modifying the system based on broker feedback and training its staff.
Commenting on the launch of the CRM system and Platform Plus, Platform Finance CEO Brad Crinion said: “We’re in a strong position to navigate the changing landscape and have been working closely with our aggregator and lender partners, not to mention our staff, ensuring we’re all well accustomed to the new system.
“We welcome BID to ensure we provide customers with the best products to suit their needs. We are also committed to providing extensive training and support to our broker network so they can fully understand the changes and how to best integrate them into their business.”
Platform Finance developed its Platform Connect CRM and application system in 2019, where it also added additional levels of compliance functionality to ensure that it was complying with responsible lending obligations and the National Consumer Credit Protection Act 2009.
The group director for aggregation and strategic partnerships, Damian Mantini (who worked on the system’s development), said doing this has “future-proofed us for the BID regulations”.
“It’s efficient, effective and is designed to assist brokers meet their compliance obligations,” Mr Mantini said.
“We understand how brokers operate and already engage with customers by serving their best interests on a daily basis, and Platform Connect and Platform Plus support our audit process.”
Platform Connect’s features include a progress bar to guide brokers through the five-step BID process, a real-time dashboard that shows key deal indicators and risks to the broker and licensee, a view of multiple loan options to the customer, and a single solution that covers both personal and consumer loans, and the ability to produce compliance documents with e-signatures.
It also features credit providers and search criteria that identifies products that are in the applicant’s best interests, and it presents products by the total cost of the loan rather than just by interest rate.
Mr Mantini said the group will roll out the platforms in two tranches in 2021, including 1 January for mortgage brokers, and potentially 1 March for asset finance brokers.
“Coupled with this year’s COVID challenges and the landscape changing so significantly, Platform Connect and Platform Plus are designed to address these changes,” he said.
“And for mortgage brokers wanting to diversify into asset finance, Platform Connect ensures they are immediately BID compatible.”
The move to extend BID to all credit assistance providers has raised concerns among asset finance brokers writing consumer loans, who said that it could damage their business and put them at a competitive disadvantage to car dealers.
[Related: Association heads call for POS conflict resolution]
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