Powered by MOMENTUM MEDIA
the adviser logo
Broker

Clients with complex needs keep brokers in business

by Lucy Dean4 minute read
Broker

The need for brokers will remain high for as long as there are clients with complicated loan structures, HashChing has said.

Atul Narang, founder and chief information officer at HashChing said that technology was not going replace brokers “any time soon”, arguing that tools and fintechs that support the third party can assist brokers to generate business while saving time.

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

Further, Mr Narang told The Adviser that, as long as clients with complex loan needs or credit histories exist, demand for brokers will continue to be strong.

“There are consumers out there who have complicated loan structures in place and that's where the broker experience and expertise comes in,” he said.

Advertisement
Advertisement

“I don't personally feel there is any such system that exists at the moment that can automatically tell the consumer: 'Oh you've got three properties, you can derive equity from one property and merge the loan and consolidate the loan and this is the rate you can get’, so that's where the broker comes in, because they have to assess individual consumer situations.”

Last week, fintech startup Tic:Toc launched with the claim that it can approve loans within 22 minutes by providing real-time data evaluation.

Siobhan Hayden, chief operating officer at HashChing, said that it was “great” to see businesses “trying to showcase those elements” of efficiency by allowing the client the option to give access to all of their banking details online and an instant “tap” into all of their credentials. She observed that the pain point in that burgeoning market would be to do with trust.

“The friction point in the market would be one where customers are not yet trusting enough of a particular brand to provide their credentials to access their financial data and that’s a challenge for everybody in that space.”

“If you look at the preferred service model in Australia, when you look at either going directly online, going into a branch or talking to a broker, the overwhelming solution that consumers select is a broker partnership… so we're leveraging the preferred service model to ensure that consumers get the best possible experience.”

[Related: Lending in a time of change]

Clients with complex needs keep brokers in business
complex
TheAdviser logo
complex

JOIN THE DISCUSSION

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

MORE FROM THE ADVISER

matt comyn cba speaking ta bzhun1

CBA CEO acknowledges brokers following mortgage growth

The Commonwealth Bank of Australia (CBA) has released its results for the financial year ended 30 June 2022 and...

READ MORE
wif awards 2021 crowd ta giiu3m

Submissions open for Women in Finance Awards 2022

Hosted by Momentum Media, the Women in Finance Awards is returning for its sixth consecutive year to recognise the...

READ MORE
Cameron Poolman ta

OnDeck confirms origination surge following buyout

In early February, OnDeck Australia’s (OnDeck) executives and investors collectively purchased 80 per cent of the...

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