Aggregator reports businesses are jumping ship

by Madison Utley20 Feb 2020

Despite being a typically less busy time of year, an aggregator has reported its largest-ever intake of businesses in January – a result the group attributes to the “major industry overhauls” on the horizon.

Loan Market welcomed six new businesses in January and is expecting to record its strongest Q1 result to date, with almost 20 more business owners in the process of onboarding with the aggregator.

The New Year additions were a mix of branded businesses and new additions to Loan Market’s Bring Your Own Brand (BYOB) model, launched in 2019.

Loan Market executive director of growth, Andrea McNaughton, explained business owners are likely seeking out “safety and support” ahead of “looming industry changes”, drawn to Loan Market's forward thinking and investment in technology. 

“Tech is going to play a significant role in adapting to these obligations and Loan Market has made great investment in this space to prepare brokers for this change,” she explained.

“Our tech is the common thread through our commitment to save our brokers time, keep them safe, help them find and keep clients and continue to grow their businesses.

“In fact, tech is going to assist in positioning brokers as the trusted advisors in the marketplace and make it easier for clients to deal with finance brokers.”

Over 2019, Loan Market attracted 60 new business owners and 12 new brokers to its network.

While the group is celebrating the significant growth these figures represent, it’s “the quality of the operators joining” that’s most pleasing, according to McNaughton.

“Business owners want to be able to go about their business with confidence. They’re seeking out support to limit the disruption to their activities and actually improve their client service offering in the marketplace," she saod. 

“Loan Market is working with all of our business owners to future-proof their businesses ahead of July 1.”