The platform also aims to reduce the number of errors in the loan application process which will shorten time to settlement
by Miklos Bolza
Australian law firm MSA National is currently rolling out a brand new customised video product to help brokers and lenders connect more efficiently with new and existing borrowers.
The platform, called MyVideo, is designed to deliver personalised messages to clients in the form of video, MSA National founder and managing director Sam Makhoul told Australian Broker.
Through the firm’s market first technology, videos will be created using customised data and audio extracts the instant a client pushes the play button and will be viewable on any device.
Makhoul believes the platform will improve delivery of information to the borrower while boosting total engagement levels.
“In our experience, engagement with text is under 20%, which means that a lot of very important information is just not getting through to the borrower. With video, engagement is over 80%.”
At present, both MyState and Advantedge have partnered with MSA to deliver MyVideo to their clients. This is expected to go live in December, Makhoul said.
“We have showcased MyVideo with a few other clients who have all seen the potential this service has to deliver material improvement to their customer experience. We expect to have a number of clients live in 2018.”
The fact that a lot of home loan information is transferred by text means that many customers do not complete or sign home loan documents correctly. This then leads to errors and delays, he said. Sending the same data by video means clients retain information to a higher degree and are more inclined to return documents in the proper manner.
For the broker and customer, fewer errors means loans can settle quicker and with less hassle for both parties, Makhoul said.
“That means the borrower gets his money sooner, the broker gets his commission sooner. The broker also has a happy lifelong customer who is more willing to refer friends to the broker.”
Overall, MSA hopes to improve the efficiency of this information delivery to reduce errors, provide the borrower with a smoother experience, and eliminate pain points.
“A home loan is likely the largest and most complex transaction that most borrowers will ever enter into. It is therefore important that we try to improve the delivery of information to ensure the complexity of this transaction feels invisible to the borrower.”
