Find out how to make your job in the broker industry easier and more efficient

The broker industry, like every industry, is rapidly being disrupted by new technology. As creative-minded entrepreneurs are presented with problems, they see an opportunity to deliver a cost-effective solution that they can turn into a business.

The finance and mortgage broker industry has been crying out for solutions in recent years as customer expectations increase and the pressure is on to turnaround applications faster than ever.

As a broker, if you begin taking advantage of these three technologies, you (and your customers) won’t look back.

Digital automation

As well as using a CRM to automate your customer communication (more detail on that shortly), you can now download a simple app that will make it a thousand times easier to gather and electronically store documents from your clients.

ezidox™ can be customised to the look and feel of your business and offers features like easy scanning, searchable pdf documents and encrypted security. Invite your customers to download their own (free) version of the ezidox™ app and they will be able to receive reminders about the documents they are yet to supply to you.

Gathering bank statements, employment history and identification documents can be a time consuming pain in the neck, delaying the overall loan application process. ezidox™ has changed this and is rapidly being adopted by brokers all around Australia and beyond.

KYC Verification

Australian brokers have industry regulations requiring them to ‘Know Your Client’. This means face to face appointments are required in order to verify the identity and genuineness of a loan applicant.

In a recent breakthrough reported by The Advisor, online portal HashChing announced the trial of a biometric identity verification service. This will allow the KYC process to go digital. Loan applicants will be able to connect with brokers using video call. An advanced facial recognition algorithm will then compare their face to the image on their driver’s licence or passport.

HashChing claims that the system also connects to the Attorney General’s Department’s Document Verification Service, which confirms the authenticity of presented ID against government databases within seconds.

If the trial goes well this could become the norm, expanding the ‘net’ of clients for brokers beyond those who are within driving distance.

Analytics and CRM

As previously mentioned, using a CRM takes the time and stress out of communicating with customers. Once you have gathered your clients’ email addresses and phone numbers you can send newsletters, special announcements and industry related updates electronically.

You can use a CRM to test multiple headlines on your emails and also to analyse your open rates and find out which times of day or week your missives are more likely to be opened.

Doing this is a beginner form of analytics. However you can easily add a tracking pixel to your website to find out how people are coming to you, be it via search engines or local business directories. This can help you decide where to focus your marketing budget and even the subjects your customers are most interested in. Talk to your IT advisor about introducing and making the most of analytics.

All major brands around the world rely on analytics to form their sales and marketing strategies and there is no reason even the smallest of businesses can’t do the same. The result is less money wasted on ineffective marketing and happier customers who are getting more of what they want!