When it comes to breaking through in the competitive mortgage market, innovative strategies can be the difference between success and obscurity.
Cinch Loans, led by CEO Suvidh Arora (pictured above), has rapidly emerged as a major player in the finance broking space and is an excellence awardee for three categories at this year’s Australian Mortgage Awards.
Since the best things come in threes, Arora has shared his three top strategies that have powered Cinch Loans' success and could help other new brokerages thrive.
Firstly, Cinch Loans recognises that technology is the cornerstone of modern mortgage services.
Arora said since its launch in 2021, his brokerage had emphasised the importance of a user-friendly online platform that simplified the entire mortgage process, from application to approval.
“We launched an interactive online platform that enables clients to securely upload documents, track the status of their application, and connect with our team in real time,” said Arora. “This has removed the need for many in-person meetings and lengthy paperwork, making our clients' mortgage experience easier and more pleasant.”
“Not only has this attracted a younger demographic, but it has also streamlined our operations, increasing our total efficiency.”
In addition to streamlining its platforms, Cinch Loans has also incorporated data analytics and AI-powered insights into its services.
“We provide personalised advice and mortgage solutions by analysing market trends and client data. This level of personalisation has improved not only the client experience but also the efficiency of our services,” Arora said.
When taken together, the approach to innovation has helped Cinch Loans be named as a finalist for the Equity-One Broker of the Year – Productivity Award at the 2023 AMAs – which recognises the best broker based on productivity improvements through increased office efficiencies and quality submissions.
In an era dominated by digital interfaces, human touch still remains vital. Without it, the nuance that is required for mortgage brokers to adapt and thrive in each situation is lost in exchange for a service that is merely transactional.
Arora said excellent customer service was one of the key pillars of the brokerage’s strategy as “happy customers make the finest brand ambassadors”.
“We've built a staff that knows each client's specific needs and tailors our solutions to their specific circumstances,” he said. “Our clients value the honesty and dedication we offer to every engagement.”
Transparency was also important, said Arora, especially since Cinch Loans operated across a variety of financing classes, including home loans, SMSF and development, and asset finance.
“We are upfront about our procedures, costs, and available choices so that clients may make decisions with knowledge and assurance. Credibility and trust have grown as a result of this transparency.”
This helped Arora to be nominated for an individual AMAs award – Pepper Money Broker of the Year – Specialist Lending, which recognises the best broker that provides specialist lending as part of their overall offering.
See the list of winners along with Pepper Money for the Best Mortgage Innovations in Australia here.
“We have gained their trust and loyalty by going above and beyond to satisfy their needs and surpass their expectations.”
Since the beginning, Cinch Loans has placed a high value on developing a solid reputation.
In a relatively short period of time, the brokerage has used several techniques to build its brand and win the confidence of customers and business partners.
This helped Cinch Loans to be nominated for its third AMAs 2023 award - Bankwest New Brokerage of the Year, which recognises the best brokerage office or branch that has been in operation for less than two years.
Arora said partnerships and networking were also “extremely important” for Cinch Loans.
“Our reach has been increased by collaborating with respectable industry partners, who have likewise shown their commitment to hiring dependable workers,” Arora said.
The company also aims to optimise its digital content.
“Through instructive content, we have actively participated in social media, provided insightful observations, and demonstrated our knowledge,” Arora said. “This has made us appear to be informed market leaders in the mortgage industry.”
Finally, Cinch Loans has placed a strong emphasis on ongoing learning.
“We are able to provide our clients with the best guidance and solutions because we keep up with industry trends and laws,” Arora said.
“We have established a reputation that speaks for itself as a result of these combined efforts. Even in our very short time in the industry, clients and partners know they can rely on Cinch Loans for top-notch service, knowledge, and honesty.
“In a crowded market, our dedication to technology, personalisation, collaboration, and growth has distinguished us. We are honoured to have been named a finalist even for one award and we are eager to continue our path of excellence in the mortgage sector.”
What do you think of these strategies? Comment below.
