Powered by MOMENTUM MEDIA
the adviser logo
Broker

Brokerage group hires data scientist

by reporter5 minute read

Loan Market Group has appointed a former Westpac senior analyst to be its first data scientist in anticipation of “mass digital change across the industry”.

The aggregation and brokerage group has hired Clement Yeung, a former risk manager and senior analyst for Westpac, as its first data scientist.

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

Mr Yeung was previously responsible for managing risk in Westpac’s retail credit portfolio optimisation (mortgages) division and has also previously worked as a credit card fraud analyst at the major bank. 

In 2018, Mr Yeung won a Bizhack competition held by IBM, Westpac and Telstra that aimed to provide innovative solutions to the problems raised by the banking royal commission. His team won the competition for its concept of an AI-enabled financial mentor for Millennials.

Advertisement
Advertisement

Loan Market said the new hire came as the group was expanding its skills base in order to prepare for incoming initiatives, such as open banking, as well as the group’s increasing focus on technology.

Executive chairman Sam White commented: “We’re transitioning to a network of paperless offices and with that brings the opportunity to deep-dive into broker and consumer behaviour to generate improved products and services. 

“Clement is a great talent and his experience in banking offers insights into how ‘the other side of the fence’ manages data. His fresh perspective in broking will encourage us to look at data differently, too.”

Speaking of his new role, Mr Yeung said: “At the moment, I don’t think anyone in the wider financial services sector is nailing the data space; most have been collecting it, but few are acting on it.”

However, he added that he thought Loan Market’s plans to “do something special for its brokers and their customers in terms of data management and use” and harness the new opportunities created by open banking for the broker-customer relationship were “quite exciting”.

Effective use of data opens up countless possibilities and is a key catalyst for innovation,” Mr Yeung continued.

“Ultimately, it will allow the creation of products that help bring brokers and their clients together; enhance returns on marketing efforts through deeper customer segmentation; provide insights into customers’ needs; and improve synergy between complementary specialists – such as real estate agents and wealth managers.”

[Related: In Focus: Becoming the paperless broker with Loan Market]

Brokerage group hires data scientist
clement yeung
TheAdviser logo
clement yeung

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