Cover
intermediaries can now send in certain outstanding case information by email rather than Rightfax if they wish. “We’ve seen significant take up of this functionality since its launch last month,” he says. NatWest for Intermediaries senior corporate account manager, Paul Kane, is also keen to demonstrate where he is ‘walking the talk’ so to speak. “The mood of collaboration has been in the market for the past couple of years,” he says. “But we’ve found that working together with brokers offers both sides
by David Finlay, Barclays Intermediary Channel Director
It’s fair to say that the pressure is on for all lenders to add real value via their communications with the intermediary community. Forging an integrated relationship both face-to-face and over the telephone is certainly a good base but as technology moves on so must we.
American financier Bernard Mannes Baruch once said: “During my eighty- seven years I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
Whilst this is certainly true and
remains evident within a relationship- orientated business such as the intermediary market it would be foolhardy to rule out just how technology can help both in terms of relationship-building and business efficiency.
Indeed I’d be surprised if three simple letters CRM (customer relationship management) are not at the forefront of all lenders’ thoughts in 2011. It is these letters that should be at the vanguard of any successful customer facing business and, inevitably, technology can play a major part in achieving great results.
some practical solutions to help us do business more efficiently and effectively. “This market is not about volume, it’s about quality. In practical terms that translates to packaging and conversion rates and getting the right kind of business written accurately. We measure that ‘right first time’ rate and after close feedback, ongoing communication and working with individual sellers that rate improved from 39% at the start of 2010 to 70% at the close.
“Similarly our conversion rates went from 50% to 65% after talking to our
After all hardly a minute of any given day goes by without news breaking on Twitter or some kind of social networking site being used in conversation. Skype is also a mode of communication that has become almost the norm but is still far from utilised within the industry. We all realise the value attached to face-to-face contact so why not incorporate this into how we communicate with our clients to try and add that extra bond which could prove the difference between being a client for life or simply just a client? This is an area that we, alongside others I’m sure, are investigating in addition to other communication tools. Of course there are numerous commercial, legal and compliance implications to take into account when establishing new lines of contact but it’s vital not to stand still. Looking at it from a slightly different perspective it’s difficult to expect how we as an industry can attract and recruit the next generation of technologically proficient people to financial services if we remain stuck in the dark ages.
After all it is this new blood that will drive the market forward. Implementing technology for technology’s sake is not the way forward and could potentially harm existing relationships but when integrated correctly it could certainly help mould the future to ensure customers get the service they demand.
28 mortgage introducer FEBRUARY 2011
partners – it’s testament to understanding the issues involved in processing and having a close dialogue to improve things.” David Finlay, Barclays intermediary channel director, is of a similar mind. “We view our distribution partners as strategic partners now and that’s how they see us,” he says. “We have conversations that don’t just relate to sales, market and product. Our relationships have become broader and deeper and more face to face.”
He said, sHe said So that’s what the lenders say, but what about intermediaries on the receiving end of all this love? Sally Laker, managing director of Mortgage Intelligence and Mortgage Next, says there is definitely more willingness to share information from lenders.
“Lenders are looking at historical quality of business submitted and then they will share that with us and brokers if there is a particular problem,” she says. “There are two sides to that – they are thinking about the business brokers give to them but it feeds back the other way as well.
“The type of business that lenders want is more of a consideration now. Flicking a switch to change the business
“THIS MARKET IS NOT ABOUT VOLUME, IT’S ABOUT QUALITY. IN PRACTICAL TERMS THAT TRANSLATES TO PACKAGING AND CONVERSION RATES AND GETTING THE RIGHT KIND OF BUSINESS WRITTEN ACCURATELY.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56