MFAA conference focuses on future of broking

Excitement is building for the MFAA 2024 National Conference in Melbourne on July 25, where the focus will be firmly on how technology, such as AI, can help brokers to work smarter and grow their businesses.

Titled “Hello Future”, the peak industry body’s signature event is expected to attract up to 800 mortgage and finance brokers from across the country to the Melbourne Convention and Exhibition Centre.

It will feature a range of expert speakers and broker panels discussing AI and other technology, personal and professional resilience, retention strategies, and marketing and communication.

The event kicks off at the Australian Sports Museum at 6pm on July 24, with a sports-themed networking event featuring TV presenter Rebecca Maddern, Essendon AFL club coach Brad Scott and former Collingwood Hall of Fame player recipient Paul Licuria.

The national conference will be held on July 25, at the MCEC, followed by the MFAA National Excellence Awards at the Crown Melbourne that evening.

The conference speakers include businesswoman and scientific futurist Associate Professor Dr Catherine Ball (pictured above second from left), who aims to encourage audiences to embrace AI, robotics and innovation. Ball’s presentation is titled “Hello Possibility: How AI is transforming your business and the way you work.”

Behavioural scientist Milo Wilkinson (pictured above, second from right) is an expert on  human behaviour and leadership in high-pressure environments and her talk is on building personal and professional resilience.

Ruth Callaghan (picture above, far right) a director and chief innovation officer at PR firm Purple, has more than 20 years of experience as a communications adviser and journalist. Callaghan’s presentation will cover the top five considerations for marketing and communications strategies, including tools and tactics to attract customers.

MFAA CEO Anja Pannek (pictured above, far left) said last year the MFAA decided to pivot the aim of the national conference to being future-focused and “where the opportunity is for brokers in the environment that they're operating in”.

“If you fast forward from the conference last year to this year, there have been some really broad based evolutions,” Pannek said. “In particular, when it comes to the use of AI in industry.”

The MFAA wanted to discover how brokers could embrace this opportunity in a practical way.

“How can they really get time back in their day by learning what's happening when it comes to technology and AI, so they can invest more time back into what they absolutely love doing, which is spending time with their clients,” Pannek said.

Pannek said the theme “Hello Future” was about brokers embracing the possibilities that the future presents, because if they didn’t see how the industry would evolve and didn’t get actively involved they could miss out on opportunities.

The conference agenda had been crafted around technology but also on topics that brokers were always focused on – running their businesses better and standing out from the competition through marketing and communication.

“It’s not only about attracting new clients, but it's also about continuing to deepen that relationship that you have with your existing clients,” said Pannek. “Probably the most important part of the conference is about personal resilience.”

Pannek said brokers were working in the midst of a dynamic industry that was at the centre of economic activity. They faced changing property prices, consumer and business sentiment, higher inflation and interest rates, as well as lenders positioning themselves to take advantage of opportunities, with shifting credit policies, appetite and competition.

Pannek said in such  a dynamic market, brokers needed personal resilience to deal with these changes, “invest in yourself, but still find that energy to move your business forward, to work with your teams and support your clients”.

“That's why we've packaged the conference in the way that we have.  I'm super excited about it and I think it’s going to be a fantastic lineup.

Borrowing capacity and serviceability

When asked what feedback brokers had provided regarding tougher economic times for their clients, Pannek said the key theme was borrowing capacity and borrower serviceability.

“Everyone I talk to is facing into that. Obviously, we're in a heightened interest rate environment, combined with cost of living. It’s a common theme that we're seeing with all of our members,” she said.

However, Pannek said the beauty of brokers working with clients was the options they could provide to customers. “We’re seeing many brokers being very innovative in terms of what tools and resources they can bring to the conversation to help their clients.”

The MFAA’s refinancing and mortgage stress survey in July 2023 revealed members were seeing some instances of hardship, but also clients concerned about making mortgage repayments.

Pannek said there had been an increase in mortgage arrears but what surprised the government, economists and lenders, given the tough economic environment, was that the levels weren’t as high as expected.

“We actually think some consumers are finding themselves in a better position as a result of brokers being so proactive through the fixed rate wave, really educating their clients, helping them understand what their options are,” she said.

These included brokers seeking a reprice, educating clients about debt consolidation and refinancing.

Pannek said ASIC had made it very clear what its expectations were when it came to lenders supporting customers in hardship.

While it was the role of lenders, not brokers, to deal with hardship, Pannek said she believed clients were approaching their broker due to their trusted relationships.

“Brokers are also doing a great job unpacking and explaining the process because it can be quite scary, I think, for people to get when they get to that point.”

AI and technology

Pannek said MFAA members were always looking for opportunities to improve their businesses and it was hard to ignore the increasing prevalence of artificial intelligence in everyone’s lives.

Seeing the generative AI trend developing, the MFAA decided to elevate the topic among members by holding panels and webinars on AI and how brokers were using AI tools in their businesses.

The organisation also completed a series of AI roundtables that would form the basis of research to be released soon.

Pannek said discussing AI at the conference, which included a broker panel, was a continuation of this focus.

“We’re bringing people together and we really want to share the excitement we see for the future and how this can really help brokers so they can refocus their efforts.”

Pannek saw the biggest benefit of AI she could see for brokers was “reducing the mundane tasks”, and the ability to handle large amounts of data, such as customer information, and automate certain functions.

“However, I don’t see a world where the client won’t be connecting with the broker, because that’s what clients want,” she said.

Pannek hoped that brokers attending the conference would take away more information and a greater understanding of what’s happening in AI and other technology, and how they could use these tools to improve their businesses.

Stories of resilience

The national conference will feature two sessions on resilience – the presentation by Wilkinson and a broker panel titled “Hello You – They said you’d never make it.”

Pannek said that as humans, we learned from stories and others sharing their experiences. One of the brokers on the panel will be sharing their personal experience of resilience and how they coped in difficult circumstances.

There were some spectacular stories across the industry of people who had faced trying times and there was power in being vulnerable and open about their experiences, she said.

“I think this creates a connection among people in the industry and also an environment where it’s OK to say sometimes it’s pretty tough and it's ok to reach out as well.”

For more information about the MFAA National Conference and Awards, including registration, go to https://mfaa.eventsair.com/2024-mfaa-national-conference-and-national-awards/