MFAA CEO unpacks vision for the future of broking

Speaking at the MFAA national conference, Future Matters, on Thursday (25 May), Ms Pannek said that since becoming CEO of the association in August 2022, she had been working on the MFAA’s ‘refresh strategy’, ensuring it was “future-focused and appropriate” for the current and future environment.

She told broker members that a key part of this was understanding how “technology and AI and automation will impact the roles of brokers” as the channel continues to build market share and “lift the trust that the Australian community already has in [the broker channel]”.

Ms Pannek said the MFAA had been considering what the future of broking looks like, casting its eye forward to the end of this decade.

The CEO noted the abundance of new technology that had been rolling through the mortgage and finance space over the past year, with lenders launching new innovations, borrowers turning to social media channels like TikTok for financial education, and ChatGPT becoming ever more prevalent in the day-to-day runnings of businesses.

However, while she said that she believed digital disruption was “ever present” — and that brokers would need to remain “alert” to this digital disruption — she said she believed the industry has “a bright future” ahead of it, particularly if it harnesses technology.

“Against all this backdrop of disruption, technology and change, I believe there is huge opportunity,” she said.

Ms Pannek reflected that the third-party channel had moved to quickly adopt technology ever since the pandemic first hit and that consumers now expected a level of digitisation in any service they engage.

She said that if brokers work to embrace technology and move with the times — for example, through things like the Consumer Data Right and open banking — they could “get even closer to their clients”.

“The relationship with the client will actually start much earlier in their [home buying] journey and really showcase the amazing job that [brokers] do when it comes to education and guiding people through that,” Ms Pannek said.

While speaking at the conference in Sydney, the MFAA CEO said that there was also an opportunity for brokers to find greater efficiency through technology, flagging the increasing number of workflow tools and innovative solutions that help brokers work more closely with clients and stay attuned to where they are on their financial journey and repayment plans.

“If brokers continue to embrace this sort of technology, [they] can actually get to things that I know [they] love and really matter to [them]; working with clients and helping [their] clients overall,” Ms Pannek said.

“If you think about the resilience that this industry has demonstrated over the last six or seven years, it’s now the strongest that it’s ever been.

“Do you know what the single biggest disruptive factor is in the Australian lending market ever? It’s sitting in this room. It’s brokers. It’s fundamentally changed how Australians find solutions for the really big decisions in their life.

“The more technology is out there, the more a human dimension matters … it’s important to realise that what technology is doing is enabling and amplifying the potential of people today.

“Against this backdrop of disruption and change and looking into the future … I have a very clear view around what our role [at the MFAA] is…

“It’s to keep you informed, to keep you in the know of what the future holds and how you can [and] how you’ll be able to really thrive in this future overall, and to keep you connected to the MFAA community.

“It’s to connect the great work that you do in our conversations with the government, with financial regulators, with key stakeholders, with all of the consumer groups.

“And importantly, it’s other things like ensuring that the Australian community really stays connected with the great work that you do overall, and that it’s a deeper connection as we go into the future.

“It’s also about connecting young professionals with what can be an incredibly rewarding and wonderful career that this industry offers.

“And, it’s to empower you, our members, to thrive and prosper into the future.

“I’m incredibly excited about the journey that we’re all going on together.”

[Related: Lightning fast: The tech helping brokers deliver loans in a flash]