Non-bank launches online accreditation system

by Phil McCarroll16 Sep 2016
Non-bank lender Firstmac has launched a new system that will allow brokers to become accredited with them in minutes.

Announced this week, the system will allow brokers to become fully accredited with Firstmac without even having to leave their desks.

To gain accreditation brokers fill out and submit an online form and watch a short training video, an email is then sent automatically to their aggregator to approve. Once approved, the broker is sent an email with login details for the Firstmac broker site.

Speaking to Australian Broker, Firstmac national sales manager Jake Sanders said the non-bank was happy to roll out the accreditation to the wider broker market following a successful pilot program.

“Anything we can do help with a broker’s productivity and streamline what has traditionally been a slow and cumbersome process is something that we’re really happy to bring to market,” Sanders told Australian Broker.

“We’ve been working on it for about 12 months. It started off the back of a recent appointment to a large aggregator and we were looking at way we could greater traction with broker accreditation when we launched with them.  It was quite successful so we’ve decided to roll it out to the wider market,” he said.

Sanders said Firstmac expects brokers to welcome and the move and said the system will provide them with sufficient information about Firstmac’s offerings despite its short run time.

“We expect brokers will be receptive to it. They can watch it right there in their office. It’s quick and easy and very straightforward and I can’t imagine why they wouldn’t do it. It’s a benefit for them and another feather in their cap,” he told Australian Broker.

“The training video’s not only about policy and process, but it’s also about product. It gives them a really good overview of what we can offer.”

While he was unsure if Firstmac is the first to roll out such an accreditation system, Sanders said he believes they are at least near the forefront of a digital push that will likely flow across the industry.

“I’m not sure if it’s a first or not, but I’d say it’s reasonably new compared to the rest of the industry.

“The way the industry is going there’s a greater focus on online activity. Most brokers are comfortable around the requirements there now so I can’t see why it wouldn’t be something that every lender looks at adopting.”