Aggregators must innovate to keep up with consumers

by Julia Corderoy28 Jun 2016
The changing needs of tech-savvy consumers means aggregators will be forced to innovate, national aggregator eChoice has said.

According to the general manager of aggregation at eChoice, Blake Buchanan, technology is allowing consumers to be more informed and empowered that ever before, resulting in an industry wide appetite for more progressive service offerings.

“The way service is delivered is already changing and with an increasing number of consumers working with their existing broker to meet more of their financial needs, we’re likely to see more uptake of phone communication, over the more traditional face-to-face option,” he said.

He said the aggregator has seen an increase in activity for its Concierge program, with more loan transactions and other financial arrangements being cemented over the phone.

“What is clear is that a digital and analogue service combination provides the best of both worlds for both the broker and client and there is no one size fits all solution within this framework,” Buchanan said.

“Savvy brokers will determine what mix works best for them to suit their business.”

Buchanan said aggregators need to innovate or brokers risk losing market share.

“We’ve proven in our industry that a great broker is about building relationships – not just making transactions, so we need to ensure there are professional and commercial platforms that can sustainably allow us to continue to deliver what the consumer wants,” he said.

“With clients not having to pay for a service that saves them time and money, brokers have a very bright future indeed, providing their aggregator is planning for what’s ahead.”