Adopting the right technology is pivotal to gaining a competitive edge in today’s rapidly evolving industry landscape, explains Connective CEO, Glenn Lees
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Adopting the right technology is pivotal to gaining a competitive edge in today’s rapidly evolving industry landscape, explains Connective CEO, Glenn Lees
According to the ancient Greek philosopher Heraclitus, the only thing constant is change. While this idea was first defined around 2,500 years ago, it has never been more true than right now and is very applicable to the mortgage broking industry in 2017. There are two primary forces currently placing more demands on brokers than ever before. Firstly, consumer expectations are far greater than they have ever been. This is being fuelled by a more connected and knowledgeable society that is plugged in 24/7.
Secondly, brokers are now challenged by a rapidly changing lending environment. After many years of a static, predictable landscape, brokers now have to continually adapt to moving goal posts as lenders adjust and readjust their pricing and policy to meet their own obligations. As a result, it is far more time and work to stay current, be across the specifics of each lender’s offering and continue to deliver great consumer outcomes.
There is no doubt that many brokers are feeling fatigued by the relentless change.
The good news is that within this shifting and unclear lending landscape, there is an opportunity for brokers to shine and demonstrate their true value – if you are uncertain about the current state of the market, then imagine how your clients are feeling.
To engage with your clients effectively and help them navigate the complexities of today’s market, you must cut through the peripheral clutter that can distract from providing meaningful guidance. And that’s where technology can play a significant role.
The right technology, utilised in the right way, will provide your business with meaningful back-end efficiencies and purge many of the mundane, process-driven tasks from your working day.
Automating your businesses’ marketing and CRM platform is just one example of how to systemise an important, yet relatively process-driven, business function. Yes, it takes time and effort upfront to establish, but once created it should operate on a near ‘set and forget’ basis.
Similarly, we are seeing a number of leading brokers offshoring some back-end business functions, and this is a trend that will only grow. Again, this development would not be possible without the support of secure, robust, seamless and affordable tech-based platforms.
Technology is not, however, a silver bullet solution. It should be viewed more as an enabler for you to work more productively. Used effectively, it will allow you to expand your horizons and create space for better intellectual engagement with clients.
It is also important not to be seduced by technology. New solutions, all of which promise to change your world, are coming to market at a frightening rate. In this environment, it’s easy to fall into the trap of having the latest tech for the simple sake of having the latest tech.
Ultimately, the reality is that people don’t borrow money for fun or because they have nothing better to do. People borrow money for a purpose connected to their lives and their goals – and it’s our job to make the complex simple, to make the scary achievable. So the technology you employ within your business needs to do one thing – support and enable you in satisfying your client’s goals.
We recently surveyed a number of our high-performing brokers to understand what they will be focusing on over the next 24 months. A number of common themes emerged from this research, the most notable being how they can drive productivity and create efficiencies across their businesses through technology-based systems.
Mortgage broking is certainly evolving quickly, and often with change comes frustration and uncertainty. We understand that dealing with change can be taxing, but those brokers who view the current industry dynamics as an opportunity and adapt accordingly will be the brokers who will emerge on top.
Glenn Lees is a founding director and CEO of Connective, which he co-founded in 2003. He has a special interest in technology and how it can be employed by brokers to assist them in running more efficient and profitable businesses.
According to the ancient Greek philosopher Heraclitus, the only thing constant is change. While this idea was first defined around 2,500 years ago, it has never been more true than right now and is very applicable to the mortgage broking industry in 2017. There are two primary forces currently placing more demands on brokers than ever before. Firstly, consumer expectations are far greater than they have ever been. This is being fuelled by a more connected and knowledgeable society that is plugged in 24/7.
Secondly, brokers are now challenged by a rapidly changing lending environment. After many years of a static, predictable landscape, brokers now have to continually adapt to moving goal posts as lenders adjust and readjust their pricing and policy to meet their own obligations. As a result, it is far more time and work to stay current, be across the specifics of each lender’s offering and continue to deliver great consumer outcomes.
There is no doubt that many brokers are feeling fatigued by the relentless change.
The good news is that within this shifting and unclear lending landscape, there is an opportunity for brokers to shine and demonstrate their true value – if you are uncertain about the current state of the market, then imagine how your clients are feeling.
To engage with your clients effectively and help them navigate the complexities of today’s market, you must cut through the peripheral clutter that can distract from providing meaningful guidance. And that’s where technology can play a significant role.
The right technology, utilised in the right way, will provide your business with meaningful back-end efficiencies and purge many of the mundane, process-driven tasks from your working day.
Automating your businesses’ marketing and CRM platform is just one example of how to systemise an important, yet relatively process-driven, business function. Yes, it takes time and effort upfront to establish, but once created it should operate on a near ‘set and forget’ basis.
Similarly, we are seeing a number of leading brokers offshoring some back-end business functions, and this is a trend that will only grow. Again, this development would not be possible without the support of secure, robust, seamless and affordable tech-based platforms.
Technology is not, however, a silver bullet solution. It should be viewed more as an enabler for you to work more productively. Used effectively, it will allow you to expand your horizons and create space for better intellectual engagement with clients.
It is also important not to be seduced by technology. New solutions, all of which promise to change your world, are coming to market at a frightening rate. In this environment, it’s easy to fall into the trap of having the latest tech for the simple sake of having the latest tech.
Ultimately, the reality is that people don’t borrow money for fun or because they have nothing better to do. People borrow money for a purpose connected to their lives and their goals – and it’s our job to make the complex simple, to make the scary achievable. So the technology you employ within your business needs to do one thing – support and enable you in satisfying your client’s goals.
We recently surveyed a number of our high-performing brokers to understand what they will be focusing on over the next 24 months. A number of common themes emerged from this research, the most notable being how they can drive productivity and create efficiencies across their businesses through technology-based systems.
Mortgage broking is certainly evolving quickly, and often with change comes frustration and uncertainty. We understand that dealing with change can be taxing, but those brokers who view the current industry dynamics as an opportunity and adapt accordingly will be the brokers who will emerge on top.
Glenn Lees is a founding director and CEO of Connective, which he co-founded in 2003. He has a special interest in technology and how it can be employed by brokers to assist them in running more efficient and profitable businesses.
