A Sydney-based fintech company has developed a white label solution that helps brokers optimise their digital marketing to generate leads.
Led by Julian Fayad (pictured above), LoanOptions.ai’s technology can be integrated into the websites of existing brokerages to help brokers offer a diverse range of services.
“Many mortgage brokers are paying external companies to generate leads for them but by doing that you’re not getting any brand equity or brand awareness,” Fayad said. “The contact rates usually aren't great when you're not introducing your client to your brand.”
“We give brokers the tools and the technology that will turn their website into a lead-generating machine, so they can now take the onus and the responsibility and the budget and allocate it towards getting conversions.”
The mortgage broking industry relies on leads to generate new business. While brokers can rely on word-of-mouth and referrals, many brokers find this avenue is not enough to create a steady pipeline of new business.
Consequentially, many brokers turn to lead generation companies, but these come with their own risks.
In an Australian Broker article in July, digital growth strategist Martin Khoury explained that many lead gen companies, which are “predatory in nature”, could introduce “non-compliance into their business.”
Fayad said this issue was becoming more widespread.
“I won't mention them by name, but some mortgage lead providers in the industry sell their leads to multiple brokers at once or they market their own brand, create the lead, and then give it to a broker,” he said.
“Essentially those lead-gen businesses are getting the free brand awareness while the mortgage brokers are getting none.”
LoanOptions.ai’s white label technology allows brokerages to generate leads from their own website across a range of services to avoid this issue.
These services – which encompass various finance options, including commercial, equipment, and personal asset classes among many more – can be added onto an existing website through single purpose landing pages.
“When you are doing digital marketing, it’s really important to have a clear message and clear ad creative. We help integrate this into your website to fit your brand,” Fayad said.
Fayad said that even if a broker didn’t get a conversion through the white label widget, they would end up with “a large amount of brand equity”, because they were giving their clients a “great journey to go on”.
“Basically, we give the mortgage brokers the tech, the landing pages and all the stuff they want and need,” Fayad said.
While mortgage brokers are great at what they do, many do not specialise in digital marketing.
Fayad said it became necessary for LoanOptions.ai to provide white-labelled electronic direct mails (EDMs) through Mailchimp to tailor messages to prospective and current customers.
“We give them a way to activate and drive traffic to their website for free if they don't have any marketing budget, and that is through our five-white labelled EDMs,” said Fayad.
“They can customise these EDMs and we give them a step by step guide on how to use it. We’ve made it as simple as we possibly can We want to help empower mortgage brokers to take control over their brand and take control over their customer’s journey.”
While LoanOptions.ai already has the benefit for mortgage brokers of not straying into the mortgage space while delivering them qualified leads, Fayad said the best part was that the technology was designed to have a “really low entry point”.
“It’s free. We'll do the integration for them at no cost as well. There's no termination cost. There's literally no cost associated with it other than if we're successful in helping them settle asset finance leads, we'll share the revenue,” Fayad said.
“If we're unsuccessful, it costs them nothing. That's how confident we are in the product.”
Fayad said “we know it works” since LoanOptions.ai also uses the technology in its own asset finance business.
“We're not asking for monthly subscription fees or anything. We're just asking for brokers to trust us with the asset finance given we have a team of experts and one of the fastest growing asset brokerages in the country and we're asking them to trust us with the application journey and the technology,” Fayad said.
“Also, if they generate a home loan inquiry then they'll get to keep it and they don't need to share the revenue at all.”
What do you think of LoanOptions.ai’s white label technology? Comment below.
