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Technology is a crucial component in creating successful businesses and individuals. Whether it’s from the automation of repetitive tasks or tools that improve the quality of a customer’s experience, technology is ultimately the driving force.
Finance brokers have witnessed many technological advancements that require their attention. From customer relationship management (CRM) software to electronic signatures for important documents, below, we’ll cover the most important digital transformations for brokers to be aware of.
The cloud has become an everyday part of life for both people and businesses. Brokers will have seen this mainly through the way they securely manage and store files.
While some parts of the brokerage process do still require physical print-outs, such as identification and proofs of address (although these can sometimes be made digitally), the vast majority of brokerage documents are now virtual.
Cloud storage providers have emerged as finance industry-specific providers of secure document storage that can be accessed from anywhere in the world.
There is no more need for large briefcases during client visits. All that’s needed is a Wi-Fi connection and a laptop to access all of your data at a moment’s notice.
While it is still the case that some sensitive documents do require physical printing and signing, a lot more finance providers these days are accepting of virtual signatures for important documentation.
Virtual signature (e-signature) software has therefore rose to the challenge and provided a quick, easy, user-friendly means of signing and approving documents.
Contracts, for example, can be sent electronically and have imprinted timestamps for each stage of the process, such as when the documents have been sent, opened, signed, and who by.
For example, here at Aldermore, our Asset Backer system for asset finance brokerages allows documents to be signed electronically.
As your customer base grows, it becomes more difficult to offer a personalised experience every time.
Sometimes spreadsheets just don’t cover it – neither do contact lists or address books. To truly enhance your customer’s experience (and make your life easier), you’ll need to invest in a trusted CRM platform.
CRMs allow you to store customer contact details, track your latest interactions, schedule meetings, automatically respond to new queries, and ensure your days are pre-planned with calls and check-ins.
You can make notes on each customer, such as the services they’ve enquired about or details you’ve taken down during consultations to ensure your advice is always best poised.
The best CRMs will even allow you to track the status of your emails and communications, telling you whether it’s time to move on to the next prospect or keep trying your luck. If you’re interested in finding out more about digital marketing investment for your business, take a look at our blog here.
As a finance broker, loan origination software (should be) your bread and butter. It’s where all applications for clients begin and it contains all the necessary information you need to steer them toward the best deals out there.
Having this software in your arsenal is pivotal. It can:
Lenders also use this kind of software, for example Aldermore has our own Asset Backer system, for asset finance brokerages, that can easily be connected to your own platform via an API connection. Having this kind of integrated system with your lender will allow for faster decisions and simpler processing.
With most finance work taking place virtually these days, the need for a robust approach to cybersecurity is higher than ever.
Cybersecurity goes much further than antiviruses, though. To be truly secure on the web, you’ll need to incorporate a cohesive approach to managing and protecting your customers’ data.
Two-factor authentication for management portals, responsive, unobtrusive antivirus software installed on work devices, and an encrypted password vault for your essential tools are a necessity.
Afterall, the downsides to poor cybersecurity range from customer dissatisfaction to permanent damage to your reputation as a broker.
For more information on how to protect yourself from online fraud, take a look here.
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