Brokers must embrace public battles over clients

A new site aimed at increasing client control over their broker experience says public competition is the way of the future



Today’s launching of financial service bidding site, Moneytribe, includes promises of increased lead generation for participating brokers – but at what expense?

Dr David Urpani, director of Moneytribe, says the site represents a free-to-use social platform poised to alter the way Australians access product offers and advice for their financial products.

The site works by providing a platform for clients to anonymously ask sellers to ‘bid’ for their business by starting personalised competition requesting the best home loan product to suit their needs.

Lenders and brokers then post tailored product offers and advice and the consumer can choose to buy from the offer that most appeals. Anyone can explore and respond to active competitions via the Moneytribe website, and competitions can be shared to social media.

Urpani tells Australian Broker the site offers a unique opportunity for brokers.

#pb# “As you know, leads are king in mortgage businesses. Moneytribe is nothing more than a lead generation business - albeit a lead generation business that uses social media engagement. Brokers are tapping into a new source of leads not generated by expensive TV ads...It’s free for brokers to use and they only pay if someone who receives an offer says they’re interested.”

He says brokers intimidated by the prospect of publically bidding for client interest need to ‘get used to’ dealing in a transparent online world.

“Brokers socialise on Facebook etc. and I believe in the future, as this [site] grows, it will become a key way to generate leads - and as soon as brokers get comfortable with customers who are able to cross-reference offers…those brokers will be the most competitive ones.”

#pb# He says most Australian consumers are familiar with the benefits of shopping around to find a self-tailored product and says his site takes the concept ‘to the next level’ by giving clients control over how they engage with brokers.

"Our service enables consumers to request personalised offers tailored to their needs and interests and they remain anonymous until they see something they like. With…interest rates at historic lows, we felt mortgages would be a good place to start. We expect to increase the range of products available over the coming months."

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