Throughout 2019, M3 Tech has proven that integrated solutions are the way forward, and they are the company that’s going to take brokers to another level
Every Canadian mortgage professional knows that M3 Mortgage Group is technology obsessed, but over the past year they’ve led the industry in providing the human digital experience that consumers crave.
It’s been just over a year since M3 Mortgage Group launched technology division M3 Tech and the Innovation Lab, a unique “incubator hub” meant to spark discovery and make brokers more competitive through technology. When André Boisvert was brought on board as chief technology officer to establish the group’s technological vision, he had a few things that he wanted to accomplish.
“The brokerage industry is a dynamic one, but I think that in terms of technology, it’s not as structured and solid as other industries in the financial world are,” Boisvert said. “One of the things I wanted to bring to our company and to the industry is that structure around security, reliability, performance, service levels, and proper integrations.”
Brokers are doing a lot of great things but they’re using a set of tools that don’t always connect in order to enhance their engagement strategy with their clients, Boisvert said. This year, M3 Tech has addressed that issue with two tools that have brought value to both the broker and their borrower.
The first is a prequalification tool launched in early 2019 with Purplebricks Canada, and the second is For Me, a customer loyalty engagement program that provides consumers with discounts and coupons when they shop online. For Me is a consumer acquisition tool in the early stages of the mortgage process, but it’s also a way for the broker to stay top of mind post-transaction and continue to provide visible value to their client. Digital marketing is evolving at light speed, and while a ‘Happy Birthday’ email is nice, that just doesn’t cut it anymore for brokers who want to stay top of mind with their clients.
Ultimately, Boisvert said, the mortgage industry is heading toward interconnected solutions. No company or service can be everything to everyone, but connecting with the best partners is a strategy that maximizes individual strengths to create a more powerful product than each entity would’ve been able to do alone. A perfect example of this is M3’s Equifax partnership, which is designed to improve the speed and efficiency of the credit decision process by automating employment and income verification.
M3 Tech is about innovation, but not at the expense of human connections. The division has made a “very conscious effort” throughout 2019 to listen to what brokers want, using the Innovation Lab to transform those wants and ideas into projects, features, and new products through focus groups, “tons and tons” of one-on-one sessions, and industry-wide broker surveys. For Me was a result of that process.
“When I compare ourselves to others in the industry, we are really, really broker-centric and about listening to what they have to say, and we’re pushing for more of that,” Boisvert said.
Through partnerships and tools, M3 Tech has demonstrated that they have the focus, the funds, and most importantly, the mindset to push the industry where the consumers expect it to be. There’s a long way to go, Boisvert said, but they’re serious about putting themselves in the best position to get the job done.
“We created this technology organization,” he said. “The people we brought in and the fact that we invested in it is a testament to the . . . fact that M3 believes technology is a key differentiator in this industry and will play a key role.”
