Sharing my opinion on digital disruption and technology within the finance broking industry can sometimes be quite divisive.
Its a sensitive subject, the thought of losing business to a robot or an online platform isn't ideal, unfortunately it’s the market that decides and I’m not sure if brokers recognise this. Borders and Blockbuster both had extremely well established and successful business but as a result of being ignorant to technology and struggling to adapt they are now out of business.
I think its important for brokers looking to build a business over the next ten years to really develop an offer that is diverse and allows them to capitalise on each customer. I think those brokers looking to retire and pack up in the next one or two years will see it out. However those looking to build a business that lasts past that need to recognise change is coming and those that don't adapt will lose.
There are always going to be those customers that prefer to sit down and look you in the eye, but at the same time the next generation of borrower is doing everything through their phone.
Amongst a heap of other things its the way we communicate, consume content and most importantly its becoming the place we shop. As we become more confident in the process we begin to see more and more major purchases being made. We are quickly moving to a mobile first world, the mobile screen is taking priority over others when it comes to attention.
Something that I often see or talk to brokers about is diversification. Bolting on other services that align with the mortgage broker proposition. Insurance is popular, asset finance is something else more brokers are taking advantage of and those that have the capability take advantage of writing commercial finance too.
I was recently approached by a group looking to partner with brokers. Having partnered with education groups to promote their services to candidates I see this group’s proposition being really beneficial for those brokers looking to develop a new revenue stream.
TitleExchange is an online platform allowing you to refer clients to a local conveyancer and gain control over the conveyancing process managed through an online portal. It gives visibility to both you the broker and the customer. The platform has a range of options that allow the customer to purchase the most appropriate service. Its a simple platform that’s extremely transparent and easy to use.
The reason I think this is something that brokers should really take advantage of as a bolt on service offering is TitleExchange offer a revenue share on any customers that use the platform. This allow’s brokers to develop a new revenue stream by referring customers to the platform for their conveyancing.
I think platforms like this are going to become more and more popular. A simple way to generate more money from each customer increasing your wallet share and offering a service that compliments the home loan process.
Fo those looking for more ways to capitalise on each customer and diversify their revenue stream take a look at Title Exchange and what they do in the link below.