Head of Choice Aggregation Stephen Moore has encouraged brokers to capitalise on industry momentum by embracing new opportunities through data standardisation.
In his opening address to the LIXI Forum 2019, LIXI chair and CEO of Choice Aggregation Stephen Moore highlighted the utility of the broker channel amid growing complexities in the lending space.
“Given the increasingly complex environment, from a customer perspective, what you value more is trusted advice and assistance, and this is unashamedly a plug for the broker market,” he said.
“We know that customers value the advice they get from brokers, which is important to help navigate the next period.”
Mr Moore pointed to the rise in broker market share, which he expects to continue increasing over the coming years.
“It’s our belief that brokers are going to move from circa 60 per cent market share today to [in excess] of 70 per cent over the next three years,” he said.
“If you’re involved in the broker market, whether directly or as a credit provider, you want to be ready for growth.
“It also means there are opportunities that [such complexities] present.”
Mr Moore urged brokers to prepare for growth over the coming years by embracing industry innovation as a means to improving business efficiency, encouraging brokers to move in sync with growing customer expectations.
“[In] the broker market in particular, we know what a great job brokers do for customers and they know what a great job they do as well,” Mr Moore continued.
“[So] when you tell someone that whatever you’re doing today is not enough, it’s a hard pill to swallow, but the reality is, if you keep doing the same thing you do today and expectations increase, you end up with a gap.
“What this means is we’re simply going to have to do more to meet those growing expectations, and that’s around governance and oversight, reporting and quality documentation, which leads to what becomes important for all of us.”
He added: “Business efficiency will become even more important when we’ve got an environment where more is expected, which comes at a cost.”
“To differentiate, you have to standardise,” he said. “In other words, differentiation and standardisation go hand in hand.”
He concluded: “On face value, that’s a contradiction, but my view is that in an environment where more is expected, and efficiency becomes critical, standardisation [means] you free up to then focus on the more important things in business, which is how you differentiate and add additional value.”
For more information on how brokers can seize opportunities in the data space, tune in to The Adviser's latest webcast.
Charbel Kadib is the news editor on The Adviser and Mortgage Business.
Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.
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