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The major brokerage has launched a data platform within its MyCRM system that analyses broker notes.
Loan Market has implemented a new centralised data platform, The Deal, which analyses all broker notes and online fact find information to run multiple calculations to recommend the best-suited product.
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The recommendations and the calculations that delivered them are then uploaded to Loan Market’s Game Plan to enable the client to review in a recommendation document.
The platform has formed a part of the brokerage’s The Loan Market Way, which is its process for ensuring it is compliant with the best interests duty (BID).
According to Loan Market chief customer experience officer Jason Furnell, 70 brokers completed a three-month pilot of the platform.
“The Deal is the new central platform where brokers can store and retrieve everything about the client and the work that’s been done to meet their needs,” said Mr Furnell.
“It further boosts productivity, saving busy brokers time and giving them the confidence to actively take on work, knowing they’re working safely within BID requirements.”
Mr Furnell added that the platform streamlines repeat business for brokers.
“From the client’s very first home purchase to supporting their refinancing and investment portfolio goals, brokers now have all interactions in a single place,” said Mr Furnell.
“It’s a clear demonstration of all the work and value brokers have delivered their clients.
“When it comes to BID, being able to document you’ve acted in the client’s best interests is just as important as the activities themselves,” he concluded.
[Related: 90% of Loan Market complaints ruled in favour of brokers]
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