Brokers using the SmartData application reduces days from their lodgement times
Customers are using the time saved by LMG’s new SmartData application to provide more detailed responses during the fact-finding process, according to an analysis of over 5,000 customers who have used the tool.
The research showed that 83% returned the Online Fact Finds (OFF) with 80% or more data fields filled in, rated as a “high standard” completion. In comparison, customers who filled in the OFF without SmartData provided “high standard” completions 69% of the time.
LMG said the benefits of the new automated data collection tool for brokers were evident during the pilot, with less back-and-forth on information and faster time to lodgement, with users showing increased customer engagement in the fact-find process.
Capabilities of SmartData, launched a couple of months ago, include pre-populating identification data such as driver licence, passport and Medicare; connecting bank account details via illion BankStatements’ secure, encrypted portal to capture and analyse finances; and populating and grouping expenses to speed up analysis.
According to Jason Furnell (pictured above), group executive of customer experience at LMG, SmartData encourages customers to spend more time on their responses to the OFF because they spend less time sourcing documents.
“Data shows SmartData’s collection process is less than nine minutes,” he said. “Automating part of the process is a game changer for brokers and their clients. We knew brokers would cut days from their lodgement times through eliminating the back and forth with clients. Now we’re seeing customers are better engaged in SmartData as well.
“Customers are happy to spend more time providing better responses in the Online Fact Find because SmartData has reduced the drudgery of document collection for them. “It’s CX-friendly and better engages the customer from the outset, delivering on our promises to make LMG faster and simpler to do business with and, in turn, supporting our brokers in growing their businesses.”
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