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Former Australian Rugby Sevens skipper Nick Reily shares insights on leadership, culture, teamwork, and how leveraging technology can give brokers an edge
Q. How and why did you become a BDM?
During my time as a mortgage broker, I discovered that my greatest success stemmed from working in collaborative settings. I feel my ability to foster strong connections within the broker community truly shines in team environments.
This inclination towards teamwork and collaboration has been influenced by my background in professional sports, where I had the privilege of captaining the Australian Rugby Sevens team at the Commonwealth Games in 2006 and the prestigious Hong Kong Sevens a year later. Additionally, I had a brief stint in the National Rugby League, further reinforcing my affinity for working in collaborative and dynamic environments.
Q. Why did you join the company?
I was with a competitor but was attracted to OnDeck because it’s a leading financial technology company powered by world-class data and analytics. Instead of solely focusing on individual transactions and manual underwriting process, OnDeck prioritises data to provide a unique lending experience that speeds up the process for brokers and their small business customers.
This year OnDeck also clinched a coveted corporate title – the Best Place to Work trophy for businesses with less than 100 employees. This remarkable achievement follows several years of consistently ranking among the top employers in this prestigious competition. It was this reputation for being a great place to work that also helped attract me to OnDeck. Better still, the high level of employee satisfaction at OnDeck is reflected in the outstanding service we deliver to our broker partners and their customers.
Q. How do you work with brokers to ensure good customer outcomes?
Our primary goal is to streamline the application process, making it effortlessly simple and stress-free for brokers and their small business clients. The first milestone on this journey was the introduction of Lightning Loans in 2021 – an automated process that removes the need for manual underwriting.
The Lightning Loans product has become immensely popular among small businesses seeking funding of up to $175,000. All that’s required is uploading six months’ worth of bank statements to the OnDeck portal. From there, our team can assess the application within just 30 minutes, and funds can be disbursed to successful applicants in as little as two hours.*
Remarkably, over 80 per cent of OnDeck loans under $175,000 are processed through Lightning Loans, relying on automated procedures rather than subjective human interventions. This ensures faster outcomes and better experiences for our broker partners.
Q. What are your top tips to enable brokers looking to work more efficiently with BDMs?
I’d urge brokers to use our experienced team of BDMs and loan writers with several years of prior experience in transactional roles to help review scenarios and provide indicative outcomes prior to submitting for a decision.
Drawing upon their expertise and understanding, brokers possess the capability to empower small businesses, equipping them to make informed financial choices. Brokers can also provide invaluable guidance to their clients in navigating the evolving business environment and assist them in seizing upcoming growth opportunities.
As for a prediction on who will win the Rugby World Cup, I’m tipping France to take the William Webb Ellis trophy. There’s plenty of steel in French rugby that has the All Blacks, Ireland, England, and South Africa looking over their shoulders. Hopefully, Eddie Jones will have some tricks up his sleeve enabling the Wallabies to cause some cheek.
* The timeframe required to process and fund loan applications may vary for each individual application. Factors such as the completeness and accuracy of application materials, verification processes, and external circumstances can influence the processing and funding timelines.
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