The non-bank lender uses technology and the human touch to serve financial advisers
Pepper Money New Zealand set up shop only eight months before the COVID-19 pandemic struck, but this has not hampered the non-bank lender from sustaining growth and supporting financial advisers and their teams in these challenging times.
Read more: Powering through the challenges
Using technology to improve its services was a key factor underpinning further growth at Pepper Money. One such technology is the Pepper Product Selector (PPS) tool, which enables a financial adviser to ask clients a series of questions that then combine with their credit history data to indicate which Pepper Money product may suit their objectives and requirements.
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“PPS does that by running through our matrix of products to see what option may suit the client, and that can be done within 10 minutes without even picking up your phone,” said Michelle Sargeant, national sales manager.
Once a client gives approval to proceed, the application via Pepper Money will then get to a credit assessor.
Sargeant said Pepper Money is working to coordinate more broadly with business partners in the finance space to streamline systems and processes while meeting responsible lending obligations.
“Our goal is to ensure a great user experience for the financial adviser and customer,” Sargeant said. “With improved technology, we know this can be achieved. Everything that we choose to do from a process point of view is to ensure that we're creating a quality user experience and a really good, easy flow.”
Pepper Money New Zealand currently provides an average 24- to 48-hour turnaround for an application, which compares to five to 10 days or more at competitor institutions.
And while technology has undoubtedly helped Pepper Money provide people with remote solutions, Pepper Money said it also highly valued the human factor.
“We’ve got business development managers that are on the road, we’ve got relationship managers that are deskbound, and we’ve got credit assessors that actually talk to the advisers when they’re doing the credit assessment on the loan,” Sargeant said.
