Three ways to be innovative in business

“Innovation in business is driven by people’s curiosity. Being innovative is about turning ideas into tangible ways to improve efficiencies.”

In a changing market, never has there been a better time to innovate in business. As brokers, we’re not only adjusting to the regulatory changes taking shape, we’re evolving to capture a new era of customers online.

So, how can we adapt to change and increase our capacity without skipping a beat? We sat down with three members of the Loan Market team who are using innovation to do just that.

Capacity

This is probably the area we all wish we could increase. Capacity to do more means we can write more loans and win more business. Loan Market’s Broker Support Manager, Ben Van Halderen, looks after a program that addresses this very challenge.

“We came up with a way that enabled our brokers to grow without having to spend a huge sum of money. We established a support program in Manila to take data processing off our brokers for just $30 a file.

“Manila tackles the challenge many brokers face throughout their careers. As they achieve their growth ambitions, they find it difficult to manage the admin and as such, struggle with capacity. Manila helps brokers manage their back-office and increase their productivity,” Ben explains

Communication

The key to mortgage broking is good communication. So it’s no surprise our brokers were searching for better ways to communicate. The Loan Market app, Connect, was originally designed as a way to manage leads and referral partners. The beauty of innovation allowed the app to evolve to incorporate broader communication methods.

Loan Market broker, Matt Dique, was one of the first to adopt the app and said it has much greater use.

“I don't simply use Connect to keep track of my leads; I use it as an internal communication tool within the business. We save every conversation we have in the app so that the whole office has visibility over where our clients are up to. It means that if a team member is away, any one of us can pick up a file where they left off. It creates a better customer experience and helps us work better, and more quickly, as a team,” he said.

Online leads

Generating business from the web is an area of continuing growth in mortgage broking. How can we capitalise on the opportunity? According to Loan Market’s Digital Marketing Manager, Paul Smith, capturing customers online is a combination of brand awareness and driving qualified leads.

“We built a digital strategy to give our brokers the technology and support needed to stand out from their competitors and drive awareness through providing them with their own interactive rich web profile.

“We have also improved our corporate leads program. Settlements from digital leads have increased from $10 million per month to $45 million. Lead volumes have remained at the same volume, but the quality of leads has vastly improved with the implementation of our comparison engine, which is generating customers that are ready to transact after being armed with the knowledge they need,” he said.