While lenders have spent much of the last year beating the productivity drum, one industry figure says improved efficiencies come down to the right technology.
NextGen.Net's Tony Carn has told Australian Broker that improving productivity is vital for brokers to continue to see healthy revenue. But Carn said achieving this is largely a matter of having the right technology in place.
"There's quite a bit of noise around the expectation for productivity. There's really no two sides to productivity nirvana. It's about building the right tools to allow all lenders and all brokers to work collaboratively to get the right outcome," he said.
His comments come off the back of NextGen.Net's announcement that it has rolled out its ApplyOnline technology to Firstfolio. With more than 35 lenders using the technology, Carn said brokers will begin to see improved efficiencies in the application process.
"The goal we have is to streamline the application process and to dramatically reduce the time and cost across all elements of lodgement through the supply chain," Carn said.
These efficiencies, Carn argued, will boost broker productivity. He said increasing the efficiency of the application process delivers benefits to the end customer, a proposition which could set brokers apart in the marketplace.
"The big driver is process efficiency. How do we get faster turnaround times? How do we achieve straight-through processing and improve conversion rates to give ourselves a competitive edge in the market?" Carn said.