Consumers have the world at their fingertips – and gaining finance is rapidly becoming one of those services they are more than happy to access without talking to a person. Financial technology (Fintech) has advanced rapidly over the last half decade thanks to advances in artificial intelligence and regulatory bodies catching up to reality. As a newly minted broker, you have likely struck out on your own to seize the opportunities fintech can afford you.
You may have started off at a firm or completed your training or certificates to get authorised and accredited. You know your stuff, and you’re ready to ply your trade. However, like any business trying to find its niche, your offering may be limited in the beginning. Juggling working on the business with in the business, you’re wearing not only the broker hat, but marketing hat, customer service hat, and the administrator’s hat. People don’t like to wait for a decision: one report indicates that consumers are whittling down their vehicle buying short list and purchasing within a week: and their chosen lender or broker needs to catch up. Dealers can offer finance on the spot – and that’s something that’s hard to compete with.
If you haven’t got a wide-ranging lending panel plugged into the latest fintech, anything less than instant approvals will have consumers looking past you for something faster and more competitive.
Consider asset aggregation
Brokers of all stripes can help grow their business by joining an asset finance aggregator. Instead of collecting a panel of lenders yourself, which can take time, an aggregator acts as an intermediary between credit licensees and lenders, as well as business platforms to reach customers and satisfy their requests.
Being a one person broker, as we mentioned, means the wearing of many hats. When every dollar counts for a startup business, aggregators can increase the value proposition of your firm through their provision of their own value-added services. For example, some aggregators may include market activities, which promotes your business on your behalf, and provide ongoing professional development and support so you’re always across the latest fintech and regulatory requirements.
Depending on which one you choose, aggregators can also offer coaching and mentoring, professional indemnity insurance, and access to professional support for submitting loan applications to lenders. Asset finance can be used in consumer and commercial loans, for cars, home loans, and other types of commercial property or asset financing, making it more versatile and allowing you to expand your offering. It can lead to greater customer satisfaction, more esteem online, and ultimately, better word of mouth.
By joining an aggregator, you can increase the scope of what you offer with the least amount of hassle and work. You will finally receive better discounts and service than your competitors can offer since you will have gained numerous points of improvement for your business – and your bottom line.
