Lender tells brokers 'tech is here to stay'

by Madison Utley15 May 2020

While the abrupt introduction of social distancing measures threw the broking industry a curve it certainly did not expect, the adjustments made to continue helping Aussies with their home loans over the past two months have delivered benefits that will far outlast the pandemic’s containment, according to one non-bank lender.

Liberty Financial group sales manager John Mohnacheff explained that a key benefit of digitalisation is the time reclaimed through the enhanced efficiencies.   

“For most brokers, this is invaluable, as it gives them more availability to nurture important customer relationships, improve professional partnerships and prospect for new leads,” he said.

Liberty has encouraged brokers to put the time freed by the elimination of commuting and meeting travel times into exploring new methods of establishing authentic customer connections.

“Engaging on social media is something brokers may now want to invest more time doing,” Mohnacheff said.

“It not only offers a way to reach more potential customers, but to bond over shared experiences. Sharing regular updates can be a great way to showcase more about who you are and build trust with your followers.

“Consider what you have in common. Are you home-schooling children? Spending more time in the kitchen? Finding new ways to work out? Whatever platform you choose to use, remind customers that you understand what they’re going through and highlight how you can still support them with their finance needs.”

Communicating through technology rather than in person does not prohibit brokers from facilitating the same deep level of personal connection with their customers, as far as Liberty is concerned.

“By consistently showing up for customers and supporting them in weathering this storm, brokers may find their personal connections become even better than before,” said Mohnacheff.

“You might even find that some customers actually prefer the flexibility that comes with seeing their broker online as opposed to meeting with them in person. While COVID-19 may have slowed us down for the time being, the reality is that many people are time-poor. 

“From phone calls to email and video, brokers have access to a range of options that allow them to continue to support customers with their lending needs. Often, these methods are so effective that there is little interruption to the level of service that customers have become accustomed to.”

Mohnacheff encouraged those struggling to keep up with the industry’s digitalisation to reach out to their team, aggregator or BDM.

“It’s also worth having a conversation with friends or colleagues about what technology or tools they are using within their own businesses. Find out what works for them,” he added.

“Remember, integrating technology into your business isn’t about overhauling your usual practice. It’s about enhancing your existing operations, strengthening your offering, and ultimately, making life easier for you and your customers.”

“If you are willing to invest the effort it takes to learn, you might be surprised at what you can achieve – and a little effort can go a long way.”