In the current economic climate many brokerages have been faced with the challenge of how to substantially grow their business. On this week's Broker TV we catch up with Stephen Moore of Choice Aggregation and Tony MacRae of Westpac for their insights.
Video transcript below:
Stephanie Zillman, Australian Broker TV
Stephanie Zillman: In the current economic climate many brokerages have been faced with the challenge of how to substantially grow their business. Stephen Moore of Choice Aggregation says it’s a key challenge facing the industry.
Stephen Moore, Choice Aggregation Services
Stephen Moore: The main challenge for brokers in the current environment is, you know, “how do I successfully grow my business when the market is tracking at 5% not 15%, like it was a number of years ago”. And for me the challenge for brokers is to grow their business as a business and to me there hasn’t been the level of focus, for some brokers anyway on business efficiency and effectiveness. So I think that’s probably a key trend that we are going to see over the next period, is working closely with brokers to help them grow their business as a business is the main one.
Stephanie Zillman: Tony MacRae of Westpac says to transition into a business growth environment, brokers need to ensure that all opportunities are maximised.
Tony MacRae, Westpac
Tony MacRae: In a low growth environment, really nailing the delivery of turnaround, of service, getting it right first time for customers, for brokers and the lender is absolutely critical. So in Westpac we have called this out as one of our four key strategic themes for the second half, focusing on service quality and we have got a program running that we term “First Do Right”, which is all about how do we get an answer to the customer far quicker, with less conditions, less complications.
Stephanie Zillman: Online marketing is a key avenue for growth which can’t be overestimated. Stephen Moore warns though that it’s a noisy marketplace and brokers must work hard to differentiate their brand.
Stephen Moore: Technology is really a key enabler and challenge here is to take the power of online, the efficiency that comes with online and marry that to the face to face proposition that the brokers have. There is some real power in that, but what that means given you know, now we are now in digital age, it does focus on the importance of brand. It’s very difficult to break through the clutter in the marketplace unless you have strong brand behind you. You know there is macro level trends that will play it out over the next period for brokers.
Stephanie Zillman: This is Stephanie Zillman reporting for Australian Broker TV.