The tool decreases lodgement time by 35%
LMG, Australia and New Zealand’s leading aggregation group, has introduced SmartData, an automated client data collection tool that can reduce the loan lodgement process by three days.
The tool, developed internally by LMG, automates the integration of clients’ raw data into MyCRM, decreasing the lodgement time by 35%.
According to LMG, SmartData not only accelerates the loan application process for brokers but also enhances the client experience by facilitating swift and accurate data submission with features that include gathering and populating identification data such as driver’s licenses and passports, performing credit checks, and securely connecting bank account details to analyse financial information.
It also categorises expenses to expedite financial analysis, allowing clients to verify their data effortlessly and giving brokers instant access to this information.
“We know brokers want to spend less time on manual data entry and reduce the amount of back and forth with their clients,” said Sam White (pictured above left), LMG executive chairman.
“SmartData does just that. We developed this technology in-house at LMG, and we’re really excited to be delivering on our promise to save brokers time.
“For clients, SmartData makes getting a loan even easier as it means they don’t have to estimate their expenses or remember all their assets and liabilities. All the information is populated in MyCRM, giving brokers more accurate and complete financial information, faster, allowing them to spend more time building their businesses, nurturing client relationships and improving their work-life balance.
“At LMG, we’re committed to bringing our brokers the latest in time-saving tech so they can spend more time building their business. That’s what SmartData does.”
Tom Morison (pictured above right) of Aria Financial claimed SmartData made his team more efficient, while providing an easier and smoother experience for clients.
“SmartData means no longer doubling-up assets,” Morison said. “We don’t have to worry about missing liabilities or incorrect financial data, as all of that information is now pre-populated into the Fact Find and MyCRM.
“Using SmartData means much more of the Fact Find is already completed before the client starts the journey. The data is more accurate, so we don’t have to spend as much time diagnosing the information, and there’s no need to go through bank statements for living expenses. We get the documents back faster and make the client’s experience much better.
SmartData’s roll out across the LMG Network is scheduled for this month.
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