According to recent research* many established and traditional finance broking businesses are struggling to compete with younger, tech savvy players with a more agile approach. But now one of our leading aggregators has created a solution - one that delivers a painless transition in a rapidly changing commercial and business finance broking industry.
Head of Connective Asset Finance, Brent Starrenburg claims that joining an aggregator (like Connective) should offer brokers a lot more these days. Whilst access to a larger panel of lenders is certainly important, it’s compliance support, process efficiency and cost-effective technology that commercial and business finance brokers really need and want.
“We’ve created a business-focused operations system that’s extremely user-friendly and easily adapts to suit any broking business model” says Brent. “Mercury is a built-for-purpose IT platform for brokers that we develop in-house. It’s proven to significantly increase the number of customers a broker can service efficiently, which also greatly expands their potential for profit. Not only that, it’s specifically designed to help brokers overcome a wide variety of challenges.”
The biggest challenge is change.
Recent research conducted by Connective Asset Finance to identify these challenges revealed four key trends currently effecting the industry and set to drive big changes over the next few years. These included:
· An increasing focus on compliance and industry regulation
· Changes to how credit is assessed by lending institutions
· An increasing demand for industry-wide education and training standards.
“Joining Connective Asset Finance gives brokers a solution to all of these challenges” says Brent. “Mercury has a very effective CRM and Compliance System built into it already and it’s easy to understand and use” he added. “It’s a very cost-effective way to give your business the facility to service your customers the way they expect and want.”
A focus on your bottom line.
Another challenge brokers face is how to deal with the underlying costs of these changes. A collection of factors like increasing compliance requirements, changes to lender policies and changes in commission structures, is seriously undermining the bottom line of many finance brokers today.
“We’re here to protect your interests with all of these issues” says Brent Starrenburg. “However, several big finance groups have joined us primarily because of the substantial process efficiencies and service we offer” he says.
Going into a growth phase.
The old business adage “if you’re not growing, you’re going” is one that’s particularly applicable to commercial and business finance broking. Connective’s research indicates marketing is another area where brokers need additional support from their aggregator.
“Our IT platform provides a cost-effective marketing solution, but it also integrates with whatever external platforms you might want to use” says Brent. “You can automate your regular communications, so it saves hours and lets you maximise the value in your existing database with hardly a second thought” he added.
“Education and training opportunities are also hard to access for brokers in this particular area of business” says Brent. “Connective Asset Finance provides dedicated Commercial and Asset Finance Professional Development days, plus a National Conference. We focus on helping brokers up-skill in ways that help them grow their business” he adds.
For more information about Connective Asset Finance, visit their website here.
*Evolve Research Study commissioned by Connective Asset Finance July 2018.