Fintech lender Shift has expanded its broker leadership team as it looks to help brokers tap into the SME space through education and digital offerings.
Andrew Wagg (pictured above left) has been appointed as head of broker sales, bringing with him over two decades of financial services experience, especially in the credit and intermediary relationship management space.
“Andrew’s industry relationships and knowledge of the complexities of business finance are second to none,” said Kristian McCausland (pictured above right), Shift’s director of sales.
“As our business continues to grow, Andrew will help guide the broker and business development teams, identify new partnership opportunities and continue growing our broker network while ensuring we maintain an exceptional level of service and support to our existing network.”
A key initiative that Wagg and his team will work on is to help residential brokers diversify into the commercial space, while leading training and development strategies.
“We hear a lot about diversification as an opportunity for the market,” Wagg said. “We need to help brokers understand how they can diversify and what is involved. We can come in as a provider to help make that happen.”
“It begins with a really strong focus on education. We're rolling out an education program with industry partners over the coming weeks and months, through a mix of in-person and online activities.”
Wagg said this would cover the full breadth of cash flow finance options available for SMEs and how to determine the most suitable product for them.
Wagg joins Shift from Macquarie Bank where for over 20 years he grew a strong network while carrying out roles including strategic partnership manager - asset finance, national partnerships manager and business development manager, amongst others.
He said that Shift’s growth into the broker channel while “continually introducing innovative commercial products that focus on supporting Australian businesses” had compelled him to make the move.
“Shift led the way as a non-bank in offering an overdraft to the broker market, which really piqued my interest,” Wagg said. “We have a unique product set, that is focused on giving businesses a consistently clear view of how much capital is available to them, as well as control over when and how they access funds.”
In particular, Shift's Equipment Line product, which has given brokers the capability to initiate transactions, has garnered significant attention by brokers and wider industry.
“When we launch a product, we look at what’s working for customers and brokers and look at how to expand it into other products, as well as iterating based on broker feedback,” said McCausland.
McCausland said since Shift had introduced the feature, which was created on broker feedback, the lender had found the “overwhelming majority” of purchases were initiated by brokers.
“We currently have a streamlined digital documentation experience in the works, that will enable brokers to review and issue contracts to customers in real time.”
While the current economy isn’t without its challenges, there still might be opportunity for brokers to add value in the established SME space.
McCausland said these businesses typically had several years of operating under their belt, had established a rhythm and had learnt how to navigate huge periods of change.
“A key insight is that those businesses who continued to grow and stay healthy were able to manage operating cashflow effectively and pull the right financial levers to maintain a buffer,” McCausland said.
“Looking out for these businesses and focusing on matching them with the right revolving products for the long term is a huge opportunity for brokers, along with retaining and deepening customer relationships as the economy continues to change.”
For Wagg, he said was looking forward to the challenge.
“Broker relationships and success have been at the centre of my career for two decades and I’m thrilled to bring this focus to a company like Shift that really is doing things differently,” Wagg said.
“Shift has established a strong base of brokers and support from the aggregator partners. I’m looking forward to working with our sales team to find opportunities to grow our market share, especially within the established SME space.”
