Navigating the Pandemic: A Guide for Finance Broking Professionals

Executive Summary

In response to the COVID-19 pandemic, the finance broking industry has undergone rapid digital transformation, with impacts resonating from client interactions to business operations. This guide discusses key changes, their implications, and strategies for thriving in the new landscape.

Market Analysis

A global shift towards digital processes has been a silver lining of the pandemic, particularly in the finance broking segment. This shift has paved the way for digital verification of identity (VOI) and digital signatures, enabling more remote and flexible operations.

Preference for Remote VOI & Process Digitisation

“I really believe that there has been a transformation of understanding among lenders that we can correctly identify people over the internet. I really hope they don’t roll back this digital verification process once we are out of COVID.” – Bianca Patterson, Calculated Lending

Moving forward, it is essential for brokers to maintain access to digital loan documents, for speed, efficiency and client convenience.

Strategic Opportunities

The pandemic has highlighted the importance of specialization within the finance broking industry. Brokers are finding value in employing staff with specific skill sets to manage increasing workloads and business demands.

Competitive Landscape

The finance broking industry is a highly competitive sector. The pandemic has only accentuated this, necessitating innovative solutions to stay ahead. One such strategy has been expanding staff roles to handle specialized tasks, increasing overall efficiency.

Implementation Strategy

Implementing these changes necessitates a shift in mindset, from traditional ways of doing business to more digital and flexible methods. This involves not only adopting new technologies but also training staff to effectively use these tools.

Financial Projections

While the shift to digital processes might involve initial investment, cost savings over time can be significant. Moreover, it opens up opportunities to serve clients who may otherwise be unreachable or find traditional methods inconvenient.

Risk Management

With any digital transformation comes the risk of cyber threats. Hence, implementing robust security measures is crucial. However, the benefits, including operational efficiency and customer satisfaction, far outweigh the risks.

Success Metrics

The success of this transformation can be seen in enhanced customer engagement, increased efficiency, and the ability to serve a wider market. Ultimately, the adoption of digital processes is likely to become a key differentiator in the finance broking industry.