Breakthrough loan software to strengthen broker proposition

by Miklos Bolza13 Feb 2017
Digital mortgage platform LoanFlare has been launched with the aim of reducing admin time for brokers and providing a “tenfold” increase in the lifetime value of clients.

The software integrates with the broker’s current CRM and comes with a number of different features such as a client interface for direct digital data input, drag-and-drop document uploads, and customisable website templates to increase a broker’s digital presence.

LoanFlare co-founder and CEO David Kim told Australian Broker about how brokers could benefit from using his platform.

“Right now, there’s a manual processing between the borrower and the broker that takes a lot of time,” he said. “We’ve built a smarter way to do that.”

The software allows customers to manually enter data into the system, saving brokers time when copying information from paper forms into the CRM. Data from uploaded documents can also be auto-filled into the system, making the process more efficient.

As for increasing client value, the platform comes with a number of marketing triggers inbuilt into the CRM.

“You can simply track your client in the platform, look at how their loans are progressing, and pull bank feeds and interest statements to track overpayments and underpayments,” said Joshua Shen, co-founder and chief product officer at LoanFlare.

“The final goal of the platform – the vision – is to help increase the lifetime value of the client by tenfold. That’s done by retaining these clients on the platform. It’s no longer about giving a gift offline every birthday or anniversary.”

This allows brokers to set finance figures and look at opportunities for cross-selling and up-selling through emails tailored to each client.

“For example, if there’s a refinance or a cross-sell or up-sell opportunity, we will trigger that and as a result the broker can diversify their revenue,” Kim said.

He added that LoanFlare will help brokers create a digital interface with clients, a service which is sorely needed in the industry. Webpages can be customised with different colour schemes, logos, layout and content.

“Right now, a lot of brokers don’t have a digital presence so we’re allowing them to compete against the likes of all the online players that go directly to the consumer.”

The current version of the platform automates the entire pre-lodgement workflow for brokers to eliminate the possibility of mistakes, said Shen.

“We do the compliance statements as well to make sure that brokers are not breaching any regulations or releasing any confidential information.”

This is accomplished by requiring the broker to ask the client the right questions, show them specific information and upload particular a set of documents, and provide the responsible lending documents before the system allows the loan application to proceed.

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