Surviving & Thriving: A Guide for Finance Brokers in the COVID-19 Era

Executive Summary

Amidst the unprecedented challenges of the COVID-19 pandemic, finance broking professionals have had to rapidly adapt to new ways of doing business. This guide explores key issues faced by brokers and presents strategic recommendations for staying resilient and competitive.

Market Analysis & Opportunities

The pandemic has expedited the digitisation of the mortgage process, with a notable shift to digital verification of identity (VOI) and digital signatures. This has proven to be a major benefit, particularly for reaching clients in remote areas.

Strategic Recommendations

Embrace process digitisation, including remote VOI, to improve reach and efficiency. Also, consider the expansion of specialised roles within your team to better manage workloads and enhance expertise.

Implementation Roadmap

Begin with assessing your current digital capabilities and identifying gaps. Then, invest in necessary tools and training to facilitate digital transformation. Recruit specialized roles as needed.

ROI Analysis & Metrics

Assess ROI based on improved efficiency, greater client reach, and potential growth in market share resulting from digital transformation and specialisation.

Risk Assessment

Consider potential risks such as cyber security threats, regulatory changes, and a possible reversion to traditional processes post-pandemic.

Success Metrics & KPIs

Track success through metrics such as client satisfaction, process efficiency, market share, and financial performance.