Business Challenge
Bernard Desmond’s fast-growing mortgage business is based out of Melbourne, and services a large chunk of Victoria with clients extending from the Melbourne metro area through Geelong and southwards to Philip island, and the Mornington Peninsula. Bernard and his team regularly travel up to 250 kilometers in either direction to meet with their clients, taking the concept of mobile lending to new levels.
Starting the business as a sole operator, Bernard has grown his Loan Market franchise, called Feedback Finance, into a thriving award-winning operation. However, time consuming processes such as document collection at the customer end to enable the loan processing, have been a common stumbling block in terms of business growth and efficiency, directly impacting on the number of loans the business can complete in any given month.
Similar to the lament we often hear from the broader broker sphere, one of the key challenges in meeting the needs of customers, is the time taken to chase them for the necessary identification, income and asset statements to get the loan process started. Without timely submission of the required documentation, the loan process is frequently protracted by customers who end up sending their documents in different batches of emails and then lose track of what they’ve sent or have used incorrect naming conventions.
Having sent their documentation through, there’s the second and more cumbersome step where the broker needs to check and validate the document is correct, and then more often than not, request the customer to send through updated documents, once again relying on email as the main platform on which to receive the documentation.
The time and effort taken to scan, email and then liaise with the broker to check documents are intact, does not encourage timely customer behavior as this component of the loan process is time consuming for the customer. The consequence of this is that the documentation takes much longer to arrive at the broker’s end, directly impacting the approval timeline of the loan.
The solution
Bernard felt the growth of the business was being held back by the amount of time taken to collect and process this important documentation and that it was time for the customer to take greater ownership for the provision of the required documentation. He sought to find a software solution that customers would be happy to use, one that required minimal time and effort on their part.
ezidox™, with its intuitive mobile functionality, offers a wholly automated document upload and indexing process, all through an easy to understand mobile app.
The benefit of ezidox™ is that it provides loan customers with the knowledge to understand exactly what documents are required, by when and in what format, together with the tools to help capture, deliver, process and archive them securely and efficiently, ready for use in the broker’s internal systems. No more wasted time scanning and emailing the documents, customers now have an easy way to capture and send their documents, with the mobile app app automatically indexing the documents with the right file name.
Multiple formats can be uploaded including text, image or pdf. ezidox™ makes it simpler and more intuitive for customers by guiding them through the entire process complete with friendly SMS reminders, encouraging them to complete their document uploads. By using the latest and most accessible technology via mobile application, Bernard’s customers significantly changed their behavior in terms of ownership and time taken to send through the correct documentation.
Impact
Freedom Finance has become a faster, much more efficient operation since the implementation of ezidox™.
With the intuitive mobile app environment provided to customers, the saving of time for Bernard and his team has been significant. Before the adoption of ezidox™, the business was writing just on $3M a month in completed loans. With the speed and agility offered by ezidox™, Bernard is now able to spend more time engaging with customers and less time waiting for documentation to come through, leading to a lift in his monthly loan writing of 67% and increasing this from $3M to $5M in loan writing per month.
The business is utilizing ezidox™ to its full potential and is being employed by Bernard and his team for every single customer seeking a loan. It provides the document a secure environment and delivers a seamless customer experience, all from their mobile screen. It saves them having to scan, name, save and email the document, instead they can simply download the mobile app, and upload the documents immediately. The integration of bank statements offers a further leap in efficiency – customers can just click on ezidox™, click on bank statements and their information automatically gets delivered into the app. Similarly, the template forms built in the app, such as for PYAG or tax documents, makes the process blistering fast at the broker end, as the forms are all pre-populated from the initial login by the customer.
Customers are far more likely to respond to an SMS rather than an email, and for Bernard and his team, the app has evolved customer behavior in the right direction with far greater, more accurate response rates. The prolific use of mobile apps in the mobile world, means that the ezidox™ application is seen in a positive light, and there’s comforting familiarity for customers using the app as a natural part of their mobile-led world.
About Mortgage Choice
For over 27 years, Mortgage Choice has been helping Australians with their financial needs by delivering a range of financial choices teamed with trusted expert advice.
For over 27 years, Mortgage Choice has been helping Australians with their financial needs by delivering a range of financial choices teamed with trusted expert advice.
View moreIndustry: Financial Services
Company Size: 501 - 1000 employees
Location: Australia
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