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ISCOVER
Technology can represent a major point of difference between aggregation groups when it comes to compliance, customer relationship management and – most importantly – broker efficiency
In recent years, technology has become a massive point of difference between aggregation groups competing for broker partners. In fact, The Adviser’s most recent Switching Groups survey revealed that the number one reason a broker would leave their current group would be poor technology or software.
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The right software can make the difference between a good business and a great one. Better technology can improve a broker’s efficiency. The larger aggregation groups tend to develop their own technology platforms while the smaller groups often outsource. Most platforms share many common components, but even small differences can have a big impact on a broker’s business.
Finding the right technology platform for you should be a case of identifying your own needs and finding the platform that caters to them.
Mark Hewitt, chief executive at AFG Home Loans, says brokers should look for a technology platform that suits their business model and how they like to operate.
“A system that works with how they like to do business – one that can be shaped around their business, not the business around the system [would be the right choice],” says Mr Hewitt.
“Ultimately, a system that will make them more efficient and more easily able to grow.”
Saving time is saving money
Brett Spencer of Stargate Technologies, which provides a number of smaller aggregators with their technology platforms, says there are three main things brokers tend to want from their aggregator’s technology offering: assistance with compliance, the ability to connect easily with business partners and a seamless sales process. According toMr Spencer, it is inthe sales process area that most aggregators’ software could improve.
“Improving the ability of their brokers to be able to sell their loan quickly and easily and get the customer onto the platform with a single point of data entry is most important,” Mr Spencer says.
Phil Quin-Conroy, chief executive at PLAN Australia agrees, saying technology needs to provide practical solutions to save brokers time.
“The broking industry has changed significantly in recent years, so it’s more important than ever for brokers to use software that streamlines business practices,” Mr Quin-Conroy says. “Ten years ago, brokers were spending a great deal of time on administration and compliance. Nowadays, through technology platforms such as Podium 2.0, brokers can manage this process much more efficiently.”
Auto-saving relationships
Paul Wright, a mortgage broker with Choice Home Loans, says improved technology has allowed him to grow his business through being more efficient– and has also helped him improve his relationships with clients. Being able to save time on data entry, therefore streamlining processes, is one of the most significant benefits, he says, adding that the ability to re-use data also reduces input errors and the need to ask clients for information several times.
“I think having to key client information into more than one area and having to re-key the same information multiple times was definitely a big thing – particularly when clients came back for a second application,” Mr Wright says.
“One of the key benefits we see with the software we’ve got now is when the client comes back we already have around 90 per cent of their data captured – we only need to update their information.” Small things like this, according to Mr Wright, can greatly improve efficiency and allow you to provide a much better client experience.
Compliance
Being able to re-use data that has already been captured can also help brokers save time when completing their compliance documentation.
NCCP brought with it increased compliance obligations and having a technology platform that simplifies the process is a huge advantage for any broker. Rather than the broker having to manually complete all compliance materials, a technology system should be able to populate a majority of fields automatically, says Mr Wright.
“The software we use as part of Choice is Podium and it provides us with the ability to produce those forms without having to re-key data,” he says. “It then ensures that we are compliant, which is obviously very important.”
TECH TALK
Mark Hewitt, CEO of AFG Home Loans, discusses the future of technology
A key factor to consider is mobility. In 2013, there were more smartphones and tablets sold than desktops and notebook computers. Mobile internet usage is projected to overtake desktop internet usage in 2014. Last year, more than four million of the six million emails we sent out to our members’ clients as part of our SMART program were opened on a mobile device. Today’s customers do far more research online than in-store and most of this is spent comparing products.
What has the aggregator got to help you do business more efficiently in the new mobile world? Do they have the tools to enable you to have your entire contacts database in your pocket, an app that keeps you front of mind for the customer, tools that are branded with your logo or tools that allow you to work anywhere, anytime? Even if brokers have not started making use of the mobile internet they need to consider how their aggregator can, as customers are already driving this significant behavioural shift.
Phil Quin-Conroy, CEO of PLAN Australia, talks Podium 2.0, the aggregator’s latest software platform.
