Loan Market unveils new operation model

by Madison Utley21 May 2020

Loan Market has unveiled its new network support and virtual training offering, the development of which predated the onset of the COVID-19 pandemic and the introduction of social distancing measures.

Following extensive research and testing, the group launched its Broker Success Teams which will provide a whole new level of business coaching and tech-enabled growth practices and training. 

According to executive director of network success, Andrea McNaughton, Loan Market began to reasses its offering in the face of the shifting industry landscape and the looming implementation of best interest duty (BID). 

“Late last year, we began looking at the way our business supports our brokers and how we could provide an even more personalised offering,” said McNaughton. 

“Under this new structure, there is one Broker Success Manager to every 50 business owners. This person is tasked with deeply understanding the brokers’ business."

 

In conjunction with the teams' launch, Loan Market unrolled its virtual training calendar which includes over 20 hours of online training each week. 

“Business Success Managers do exactly as their name suggests: guiding business owners, brokers and loan writers through the transition of BID and positioning them for success at the other side,” McNaughton explained.

“Importantly, our Broker Success Managers have diverse skills sets spanning everything from commercial and asset finance to management and digital marketing. Our business owners are able to call on these specialisations at any times.

“They’re complemented by our systems specialists who work from the front to the back office to make sure our businesses unlock every growth-enabling feature of MyCRM.

“MyCRM was made by brokers for brokers and will be critical to ensure the transition is smooth and productive.”

Despite the implementation of BID having been delayed until January 2021, Loan Market opted to continue with the roll out of its new processes in May. 

“Immediately, Broker Success Teams will look to ensure all businesses are equipped and confident to handle the changes introduced on through the BID, including understanding note-taking expectations and adopting time-saving tech solutions," said McNaughton. 

“Binding the new strategic alignment is increased and measurable clarity, accountability and responsibility. We’re holding our teams to account in a true partnership with our businesses to help them save time and see more customers right now.”