A group supplying aggregation services centred around asset finance has designed a CRM specifically for mortgage brokers looking to diversify into the space just ahead of the official start of Best Interest Duty (BID) on 1 January 2021.
Platform Finance’s new CRM – Platform Connect – has BID requirements built into the workflow, along with a quoting and lodgement system designed for mortgage brokers.
Platform Finance CEO Brad Crinion said the group has been working hard both internally and with external partners to ensure the new system will provide the necessary level of support to be BID compliant.
“Platform Finance has Australia’s largest broker asset finance lending panel, and we welcome BID to ensure we provide customers with the best products to suit their needs. We are also committed to providing extensive training and support to our broker network so they can fully understand the changes and how to best integrate them into their business,” he said.
According to Damian Mantini, Platform Finance director of aggregation and strategic partnerships, the new Platform Connect CRM has “future-proofed” the group for the incoming BID regulations.
“It’s efficient, effective and is designed to assist brokers in meeting their compliance obligations,” he said.
“We understand how brokers operate and already engage with customers by serving their best interests on a daily basis, and Platform Connect and Platform Plus support our audit process.”
Mantini said a number of lenders have complimented Platform Finance’s two systems, as well as the group’s general readiness for regulatory change.
“We are in a good position for the two roll out tranches in 2021 – January 1 for mortgage brokers and potentially March 1 for asset finance brokers,” he added.
“Platform Connect and Platform Plus help better position brokers for the future. And for mortgage brokers wanting to diversify into asset finance, Platform Connect ensures they are immediately BID compatible.”
Jordan Andrews, head of credit at MMF finance and consulting, has put the new system to the test and found it to “just make sense”.
“It’s very easy to operate and the support from Platform Finance is fantastic,” he said.
“[The CRM] logs every alteration to the application, so you can keep track of what the client changes and what we change. You can make subtle modifications quickly and easily and you are alerted when you reach certain milestones throughout the application. The Lender APIs are fully functional and save us a lot of time. Being a custom-built system just for asset finance means the application is more streamlined than other systems.”
