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Brokers are losing revenue opportunities by failing to properly exploit customer data, according to one tech expert.
Stargate Group chief executive Brett Spencer wrote in a blog for The Adviser that the information that brokers collect on their customers has “massive financial value”.
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He said that most brokers don’t appreciate the importance of the ‘big data’ movement and how it can be used to create a profitable diversification strategy.
Big data can help brokers get more from lifelong customers than just the occasional refinance, he said.
Mr Spencer said a simple way for brokers to test the value of big data is to scour their records and find how many clients listed other debts at the time of their mortgage application.
Brokers can find out the age and size of those loans and then contact the clients to ask if they need help managing them.
“How easy is it now to use this data to engage your clients again and talk debt consolidation into their current mortgage or offer to refinance for a cheaper car loan?” he said.
“If you hadn’t used big data, then you could not have diversified into selling more. Are you seeing the correlation between these two movements? Big data and diversification equals more money in brokers’ pockets.”
Click here to read Mr Spencer’s blog.
[Related: Spencer has billion-dollar ambitions after selling Stargate]
