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Brokers frustrated with old-school tech

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Emma Ryan 5 minute read

A number of brokers are in disbelief that they are still required to use “outdated” devices in their business, according The Adviser's annual Broker Software and Technology Report

More than one in four respondents (27.59 per cent) admitted that technology they consider to be redundant or unnecessary forms part of their dealings with lenders or other business partners.

“Faxing applications to lenders is very outdated and a waste of paper,” Partners Wealth Group’s Kylie Murden said.

“It would make a big difference if all lenders would move to online submissions, or at least have an email address for lodging applications.”

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Multifocus Properties & Finance’s Philippe Brach also expressed frustration at having to use fax machines.

“Some lenders still use them. Technology dinosaurs like ANZ and Westpac,” he added.

Full House Finances’ Ian Miller agreed that fax machines are irritating to use as part of mortgage applications.

“ING and ANZ for example don’t email loan approvals, only fax – very annoying,” he said.

An ING Direct spokesperson hit back at the claims however, and said the lender offers a variety of contact and submission options for brokers.

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“I can only assume that the broker who made the comment does not currently work with us, so therefore wouldn’t be aware of our channels,” the spokesperson said.

“We provide a number of channels for our broker partners – email, online upload and fax – ensuring choice and convenience to suit the personal preference of each individual broker and their clients.”

Meanwhile, an ANZ spokesperson told The Adviser that the lender is working towards creating a more digitally enhanced process for brokers.

“We understand we have some way to go to being completely digitally enabled in the broker business, however we are working hard to provide brokers with streamlined processes and improved ways for submitting supporting loan documents,” the spokesperson said.

“[Since the survey was conducted], our brokers can now submit supporting documents online, with instant submission confirmation. The online system scans documents at high quality, and also checks files for viruses and conducts redaction of TFNs.

“We’ll continue to look for ways to improve our overall value proposition and broker feedback is imperative to this.”

The Adviser reached out to the Australian Bankers Association, which declined to comment. Westpac was also contacted for comment, however none was forthcoming.

Conversely though, there appears to be slow uptake by many brokers in new forms of contact with lenders, with the report also finding that 62.23 per cent of respondents do not use apps provided by aggregators or lenders.

“I must admit, I’m surprised that more people don’t use them,” FBAA chief executive Peter White said, commenting on the results.

“It may be because there’s a limitation. It’s not like you can fully transact through an app to do your loan.

“You will be able to in the future, but today there’s stops all the way through it.”

A full breakdown of the Broker Software and Technology Report will be out in The Adviser's September issue.

[Related: Connective urges brokers to diversify with technology]

Brokers frustrated with old-school tech
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The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

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