“It all depends on the world, what’s going on at the moment, and whether the world is going to be here next year.” Sound promising? Strap in for the year 2012.
This was the final thought of 2011 from Firstmac’s Kim Cannon, who went on to elaborate on the challenges that would face lending institutions this calendar year.
“We see a lot of issues going on in Europe at the moment. In securitisation we are always the first to get hit – our funding costs blow out. The banks are not far behind us.”
For brokers looking for a positive start to the year, industry heavyweights agreed that brokers could thrive – but only if they were on top of their existing customers.
“Stay close to your customers,” said FAST managing director Steve Kane. “Not only are they a source of existing revenue, but they are also a fantastic source of referrals. So, in a tight market, I think it is your existing customers that are the most important.”
Kane is not alone in this sentiment. LJ Hooker Finance’s Peter Bromley said 2012 holds great opportunity – but brokers needed to look after their customers.
“Existing customers will still be the best opportunity going forward, and I think customers today are really looking for some good, sound independent advice, and I think that is something we can all do in our industry now,” he said.
Meanwhile, James Symond from Aussie said 2012 “should be your busiest year ever”. “As the rates come down, and the banks and lenders become more competitive, they should be able to go back to their existing customers and offer them an even better service.”
TV: Industry heavyweights chart challenges of 2012