Leading aggregator FAST has announced a new and innovative white label product, which will be one of the first of its kind in the market.
Speaking to Australian Broker
, the chief executive of FAST, Brendan Wright, said the aggregator is currently piloting a white label asset finance product with a group of 30 brokers which is slated to be officially launched in late February.
“It is a way to help particularly the home loan mortgage brokers to meet the asset finance, leasing and vehicles funding needs of their clients who are business owners. It is simple, it uses electronic lodgement and it has a very competitive rate. Also, in the theme of what white labelling has been successful for, the broker can only provide this product. It is a product the broker can provide to their clients which is unique to them.
“For some time now FAST has had our asset finance referral hub, where brokers who don’t have the capability themselves can go to help their client get finance for a piece of equipment, a vehicle or a fitout. Through that though, over the last couple of years it has become clear to us that having an opportunity for brokers to dip their toes in the water with asset finance if they are not doing it already was important.”
While white labelling has proven to be very successful in the home loan market, Wright says white labelling in asset finance exists, but it is “very minimal”, making this product one of the first of its kind in the market.
However, Wright says white labelling in asset finance won’t be the only innovation 2016 will see in the business lending space. He predicts the year will be a big one for technology innovation in the sector.
“Brokers have been able to lodge their home loans through their aggregator platform to the lenders for some time now. However, across the industry I think we will see more and more examples pop up where aggregators and lenders are helping brokers lodge and meet business lending needs of their clients in the same way," he told Australian Broker
“That is what is playing out right now – whether that be through capturing the data of those clients in their customer relationship system, through to lodgement. In other words, a broker who is going beyond the home loan will be able to more and more effectively lodge that deal through their aggregator platform to the lenders.”