Loan Market Group has recently made two customer-facing tech tools available to its network, designed to both save brokers time and further protect them ahead of the implementation of Best Interests Duty (BID).
Launched at the start of June, both ‘Goal Setter’ and ‘Game Plan’ are part of the group’s broader strategic response to compliance given the imminence of BID and the regulatory landscape at large.
Goal Setter, which is integrated into Loan Market’s technology platform MyCRM, is a digital meeting companion that drives conversations around client goals, preferences and requirements whether it be face-to-face or via a video-call.
According to Loan Market chief customer experience officer, Jason Furnell, the application helps brokers ask the right level of questions to customers while automatically capturing their responses in MyCRM.
“Our goal is to abolish double handling for our brokers and ultimately save them time so they can spend it helping more customers,” he said.
“The Goal Setter streamlines the meeting experience and prompts the broker to ask appropriate questions of every customer - ensuring they have got the information and guidance they need to safely conduct detailed research and make recommendations that are clearly in the best interest of the client.”
Game Plan, which is automatically generated from MyCRM, is a tech-driven document which outlines the work the broker has completed for the customer and details their opinions and recommendations.
According to Furnell, it is the “key artefact” which will prove brokers have met their BID and responsible lending obligations.
“The Game Plan is a ground-up redesign of old compliance documents with a focus on delivering clear recommendations under the BID legislation,” he explained.
“[It] is founded on linking the client’s goals, objectives, preference and requirements to the broker’s recommendations and rationale, with detailed notes on why the recommended product was selected across a number of different criteria including; interest rates, product features, turnaround times, lender preferences, credit policy and borrowing capacity.”
In the weeks since launching, both new applications have been used by over 54% of Loan Market brokers and reached over 1,000 clients – figures which the group says are climbing every day.
