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The industry association has unveiled a new web application designed to “revolutionise” the way in which brokers manage administrative requirements.
The Finance Brokers Association of Australia (FBAA) has launched a new add-on to its digital platform, referred to as The App, which is designed to help brokers manage administrative tasks.
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The update reportedly helps brokers manage membership applications and renewals, credit and bankruptcy checks, and insurance and ombudsman requirements – while also providing brokers with education and training.
The App, which is currently available to the FBAA’s members and aggregator partners, will also be rolled out to external member-based organisations over the next few months.
Managing director of the FBAA Peter White noted the efficiency improvements that the app is designed to deliver, making specific reference to the simplification of the membership application process.
“Processing a membership through an association can take anywhere from a couple of days to one to two weeks,” he told The Adviser. “When things go chaotic, it can take a month or two.”
He continued: “With this app, as soon as you’ve finished entering the data, an email is sent to you with your certificate attached.”
Mr White said that The App’s artificial intelligence and optical character recognition technologies would improve the platform’s capabilities overtime.
“This impacts the industry as a whole because massive data analytics capabilities actually help drive the future of the business through greater understanding of its membership composition, member needs and specialisation learnings,” he added.
The new platform also enables users to keep up to date with their requirements by allowing them to monitor industry changes, which may include tracking protection and indemnity insurance issues and compulsory professional development needs.
“The App triggers key dates in the system so when it comes time to renew all you do is click ‘yes’ and the system either runs automatic payments or generates payment at the time of acceptance without headaches or clumsy requirements and more forms,” Mr White noted.
Mr White also stated that The App could help reduce administrative stress.
“Externally, it makes [completing administrative tasks] a more painless process for a broker to go through, so it’s not a stress point there, but internally, when you’re managing these processes, there’s a lot of stress on people to meet timelines and deadlines and chase things up.
“It’s a big step for us internally within the FBAA to take an enormous amount of pressure off our staff and take care of their mental health at the same time.”
Version two of the new application is currently in the development process.
[Related: Industry ‘close’ to finalising financial abuse statement]
