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If there’s one thing that rings true for 2020, it’s the fact that thishas been a year of rapid change and growth in the mortgage industry.
Words like unpredictable, unprecedented and uncertain have been repeated ad nauseam, but to John Mohnacheff, group sales manager at Liberty, this is the time to focus on the upsides and opportunities, rather than the setbacks.
“Thanks to the agility and quick work of all our support teams, we have been able to continue providing the same legendary service and quick turnaround times that brokers have come to know us for. I’m really proud of our ability to remain open for business with a seamless transition to remote working, which has allowed us to continue to support brokers and business partners when they needed it most,” Mohnacheff explains.
“Social distancing posed challenges to the way many brokers normally do business, so we made it our priority to adapt quickly. We integrated digital identity verification software into our application process swiftly to allow brokers to continue to work with customers and help those most in need. Our top priority was to support customers and brokers during this challenging time, and we’ve aimed to provide customers with peace of mind and a seamless remote service.”
One thing Liberty has long been known for is its agility and willingness to give brokers scope to help borrowers reach their goals in a range of different situations. So, how has this approach evolved during the pandemic?
“Once we realised that face-to-face operations would have to change, Liberty immediately switched approaches, initiating our view-to-view program and setting in place our virtual visitations. Our BDMs were diligent about continuing to provide brokers with support, and kept in touch through personalised video communications,” Mohnacheff says.
“Liberty’s unique business model allows us to assess applications on a case-by-case basis so we can offer the best solution for each customer’s individual situation.”
“Liberty has always championed diversification, and our BDMs can provide brokers with the personalised training they need to expand their offering and build their businesses”
This ability to take a closer look at each application and “find free-thinking ways to help, where others can’t” has always been at the core of Liberty’s approach, he adds – and during the pandemic this has proven to be a genuine competitive advantage.
“It has not only meant that we have been able to continue to help brokers and their customers when they need it most, but we’ve also continued to innovate, releasing more solutions and opportunities for brokers to help customers as the situation has evolved,” Mohnacheff says.
“Continuing to be accessible to support our brokers and business partners was a high priority as the pandemic developed. Liberty’s underwriting and support staff remained proactive and available as we moved to remote working arrangements, with many brokers and business partners commenting on the lead we took to ensure our service was not disrupted.”
To this end, Liberty developed a number of measures to support BDMs and brokers during COVID-19, with a particular focus on assisting Australia’s small business community.
“Our extensive experience working with small businesses and our understanding of the challenges they faced as the pandemic progressed meant that we were quick to jump on the opportunity to partner with the Australian government in their SME Guarantee Scheme and provide more options for brokers to help business clients,” he says.
“Through our Liberty Business Care offering as a participating lender in the scheme, we have been able to extend our experience to further support individuals and businesses that have been directly impacted. And we were pleased to confirm an upfront commission structure to brokers working with us to deliver this solution.”
Reinforcing its approach to working collaboratively with brokers, Liberty is “ensuring lines of communication remain open” for brokers to contact its underwriting teams directly to discuss any unique or complex scenarios.
“We know that timely responses are crucial in times like these and keeping those lines of communication open between us and our business partners is crucial to delivering tight turnarounds,” Mohnacheff says.
He also suggests that the rapid digitisation of the way business is done within the mortgage industry as a result of COVID will continue to evolve, and the industry will continue to formalise and adopt the techniques that have been rushed forward through the pandemic.
“The events of this year have highlighted the importance of customer service and taking a personalised approach. Broking is a people business, and while digital tools have become integral to the way we work during the pandemic, it’s more important than ever to exercise those soft skills and engage with customers with empathy and understanding,” he says.
“The way brokers communicate will continue to evolve as customer expectations change with greater focus on connection. Customers are no longer satisfied with reactive service, so brokers need to adapt to look beyond the transaction to build long-term customer relationships. Successful brokers see these engagements as more than just a transaction and recognise the importance and value of fostering these relationships to create lifelong customers.”
Working digitally while retaining that personalised approach allows brokers to adapt to the needs of each customer, Mohnacheff explains.
“I think that means, going forward, customers will have an even greater expectation of flexible, customised service. Operating electronically has brought conveniences for customers that many will prefer. So, with this approach continuing even when we can meet in person again, brokers will need to be flexible and technology-savvy.”
In terms of diversification, Liberty also recently launched its LIFT business loan at the end of last year. The product, which was introduced after feedback from brokers who were “crying out for business solutions” for their customers, requires no mortgage security.
Liberty has further established a dedicated business lending department to support both brokers and business partners.
“Liberty has always believed in the value of innovation and diversification, and with pressure on small business increasing during COVID-19, we were quick to do all we could to help support our brokers and to help more businesses. We know that small business is integral to the Australian economy and is the group hardest hit by repercussions of the pandemic,” Mohnacheff explains.
“Where we see opportunities, we will continue to innovate. Just as we were quick to put our hand up and join the government’s SME Guarantee Scheme with Liberty Business Care, we are constantly working to improve our offering to meet the needs of our customers and business partners.”
While it’s too early for Mohnacheff to reveal any more right now, he does confirm that brokers can expect further announcements from Liberty in the very near future, which have been designed to help brokers who service the SME space.
“We’re committed to helping more businesses to get financial with Liberty, and our unmatched record of innovation continues as we constantly scan the industry and listen to our customers and business partners to identify product and service needs,” he says.
The timing couldn’t be better for the broker community, he adds, because right now those in the industry have a huge opportunity to take stock and review their offering to identify any gaps that could be strengthened by diversification.
“With brokers strengthening their online presence during the pandemic, it will be important to really think about their unique proposition and how they can set themselves apart. Embracing technology to deliver personalised customer service is a very real opportunity for successful brokers to continue growing their business through the rest of 2020 and beyond,” Mohnacheff says.
“When it comes to ensuring the relevance and viability of your broker business into the future, we continue to remind brokers of the importance of diversification. Being prepared for the future means consistently striving to meet the best interests of more customers.
“Liberty has always championed diversification, and our BDMs can provide brokers with the personalised training they need to expand their offering and build their businesses. Our custom training program is designed to give brokers the tools to successfully diversify. Over the years, we have continued to refine our ‘Do More’ program to ensure that brokers are equipped to handle the challenges they may face in their careers.”
