Online system removes barrier for brokers

by Rebecca Pike25 Sep 2018

A lender has said its use of online application system NextGen.Net has removed a barrier for brokers and encouraged them to lodge applications.

Better Choice upgraded to the ‘ApplyOnline’ electronic lodgement system in July. It said the outcome of the change has been an increase in brokers being able to access the lender.

Better Choice general manager sales and distribution, Natalie Sheehan, said she understood why brokers in the past had not been so interactive with the lender.

“We have multiple funding lines under the Better Choice brand, which adds a level of complexity,” she said. “In the past, brokers admitted this influenced their decision not to deal with us. Partnering with NextGen.Net has removed this barrier.”

Better Choice is growing its brand presence in the third-party market and a technology revamp is a core component in its strategic roadmap.

Sheehan added, “ApplyOnline has taken us into the digital age.NextGen.Net has provided us with an all-in-one solution, which allows us to receive validated electronic applications and accurate supporting documentation.

“ApplyOnline enables us to do Straight-Through Processing and has vastly reduced the number of MIRs (Missing Information Requests) we send brokers.”

Before switching on ApplyOnline, entering new deals into Better Choice’s CRM involved manual processing.

Now, staff members who were engaged in manual work have been redeployed to the credit team to improve turnaround times.

NextGen.Net customer account manager, Adam Turriff, said the relationship “means we’ve been able to complement their growth strategy and provide optimal support for their broker partners moving forward”.

He added, “The implementation of ApplyOnline positions Better Choice well against their peers and competitors. In the current environment, it’s critical to be nimble and retain full control of your policies and requirements in realtime.”

Sheehan said, “We are passionate about supporting brokers and meeting the needs of their customers.

“With over 700 products from nine funding lines available on one application form, Better Choice is the ‘broker’s broker’.”