Powered by MOMENTUM MEDIA
the adviser logo
Broker

Fintechs ‘on the front line’ for brokers

by Francesca Krakue5 minute read

A recent meeting has highlighted that when it comes to serving customers in the third-party channel, “there’s a space for everyone”, and that fintechs can act to bolster and expand the businesses of their broker counterparts.

 The meeting last week was attended by both brokers and fintechs in Sydney and asked the question: “Disintermediation and diversification: what impact will fintech have on finance brokers?”

To continue reading the rest of this article, create a free account
Already have an account? Sign in

On the night, founder and CEO of uno. Vince Turner highlighted that technology has firmly entered it’s “third wave”.

“The first wave was simply building the internet. HTML, dial-up, all this kind of stuff in the ‘90s,” Mr Turner explained.

Advertisement
Advertisement

“The second wave was building an infrastructure: making Skype calls and chats and the social networks and all that kind of stuff.

“The third wave is where all this technology gets taken into core industries: health, finance, education,” he concluded.

As such, he explained that fintechs are not a passing phenomenon but will continue to develop into the future, particularly in the lending space.

The FBAA’s Peter White emphasised: “For the home loan market — the tech space is our future and that’s where it will head.”

FundX business development manager Philip Foweraker highlighted that “there’s a space for everyone” in the third-party channel as brokers and fintechs can work hand-in-hand to provide well-rounded services to customers.

He explained that brokers remain invaluable when it comes to forging relationships with customers, and where many fintechs come in is to assist them in providing solutions.

Mr Foweraker also pointed out that fintechs can assist brokers to diversify their businesses.

“A broker might sit down and ask a small business client: ‘How’s your cash flow?’ and the client might say: ‘It’s OK but not great’.

“The broker might ask: ‘If you had cash tomorrow, based on what’s outstanding, how would that benefit your business?’ That’s where FundX comes in,” he said.

“We are on the frontline helping brokers knock down doors,” Mr Foweraker said.

[Related: The Fintech Boom]

Fintechs ‘on the front line’ for brokers
tablet  x
TheAdviser logo
tablet  x

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark lewis fast ta llosc4

In Memoriam: Mark Lewis, 1963–2022

Mark Lewis passed away on Saturday (13 August). Mr Lewis was a well-known identity in the third-party broker...

READ MORE
anthony waldron mortgage choice ta ithtxm

Broker expertise key for securing right loan: Mortgage Choice

The data, which is derived from a June survey of 1,002 broker customers and conducted by Honeycomb Strategy,...

READ MORE
Mark Bouris new ifa

Brokers need to focus on the ‘value-add’: Mark Bouris

With competition among brokers increasing as the number of brokers rises – coupled with the fact that fewer...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more