"Data is the new black" for brokers, says aggregator CEO

Choice CEO Stephen Moore has called on brokers to realise the important role of quality customer data in their profession, as it helps them build a successful business and deliver sound customer service.

Moore, who is also the Chair of LIXI –a non-profit firm that develops data transaction standards in mortgage processing – considers brokers to be in a unique position because they are typically closer to customers than anyone else in the lending market. They can build strong client relationships with the knowledge they have about their clients' “hard” data (financial situation) and “soft” data (family situation or aspirations).

"It is the new black," Moore said about the invaluable combination of hard and soft client data. According to him, this has never been more important because it helps brokers deliver the highest quality application and to strengthen trust with customers and lenders.  

Moore also stressed the importance of “know and show” when it comes to verifying data, particularly income and expenses. He advises brokers to create a file note for those extra questions they ask clients, and have clients sign off on their details.

He believes that this will create an overall positive customer impact on the Comprehensive Credit Reporting and Open Banking. "A more holistic picture of a customer’s credit situation will assist to tailor credit to their individual circumstances," Moore said. Know and Show allows clients to address credit concerns, which brokers can also help with.  

Moore expects Open Banking to further drive lending competition, and sees it as an advantage for customers and brokers.  “Coupled with their existing knowledge of client’s circumstances, brokers will be in the box seat to provide valuable advice to clients in a more efficient way,” Moore said.