New head of broker platforms at Advantedge, Steve Kane, has said he will aim to continue to raise the level of service Advantedge provides FAST, Choice and PLAN brokers.
Kane said the business would not undergo any major shift in strategy, but will focus on its white label offerings, the continued upgrade of its software platform, and diversification.
“There will be no major shift in approach to the marketplace, we will continue to offer those services and support the broker channel as a viable channel in the market,” he said.
Kane said its white label products were averaging between 5% and 7% of volumes depending on aggregator brand, and that brokers appreciated the increased choice they provided.
“It’s certainly gaining traction,” he said. “We originally designed them when there was a shortage of product in the market due to the impact of the GFC, and it was important for brokers to have alternatives when there was limited opportunity for choice.
Kane said the white labels are a service-based offering that ensures premium service through Advantedge, and this fit within the requirements under NCCP for responsible lending.
“Additional funding options, particularly in the environment we are in currently, are very much top of mind as brokers need to be looking after their customers,” he said.
Advantedge will continue to upgrade its enterprise software architecture Podium, with Kane saying there were a number of upgrades in the pipeline in 2012.
“There have been a number of releases in recent times, and we will continue to do updates to the software in coming weeks and months based on the feedback from broker partners.”
“There will be several smaller releases over the next few weeks, and in August or September there will be a major release. These will position the software as comparable to any software available in the market and superior to many,” Kane said.
Kane said it would also continue to provide new diversification opportunity, as it was critical for brokers to examine their customer base with customer credit appetite lower.
Advantedge will focus on equipment finance in particular, as well as small business finance, and is in the process of rolling out a nation-wide financial planning partnership model.
Kane still valid as president: MFAA