some of the cloud computing options available. For those who are not sure what this means it’s simply going to the internet, logging and using the programmes you want.
I talked about driving out costs and this immediately takes care of a significant proportion of operational costs. All you need is access to the internet, irrespective of whether you have your own personal computer in front of you. The same applies to everyone in your business that uses it and you can all see the relevant information at the same time. This has substantial benefits as you and your team are working on the same information.
SIMPLICITY
In addition, I’d look at how simple is the system to use. Can you find your way around the system easily and intuitively, with some basic training? Most companies all run various training programmes to help as standard and then you can choose optional extras. Above all, once you have invested in an IT system and chosen your supplier – spend some time with it. I’m amazed at the number of brokers that have an IT system and only know what only 30%
PRACTICAL ADVICE Let’s look at a specific example with the challenge of reduced mortgage products on the market. With the market so uncertain, more and more people are adopting a European approach to their homes and are not insistent that home ownership is the be all and end all. We are turning into a nation of renters. If lifetime renting is going to be the norm, in the mortgage industry we need to be able to identify those whom we couldn’t
of it does. Invest a good few days and really explore the capabilities.
MAKE IT WORK However, what value does this bring to your business? How can this drive out costs, increase your productivity and drive up revenue? It’s a sad fact that administration whilst essential in any business does not generate income. By reducing the amount of manual work and computerising as much as possible, this income loss time becomes much less. Jobs become automated and it frees up valuable time to look at ways to generate more income. Being able to segment your client base quickly, means you can market the right products to the right people at the right time.
help with a mortgage but could now support in other ways.
Ensuring your IT system can identify those individuals who hadn’t become clients because you couldn’t help with a mortgage opens up new opportunities. If home ownership is no longer the norm, we need to support those who will now rent long term. This may be by linking them to a reputable lettings agent or ensuring they have adequate personal protection, including contents insurance.
PERSONAL TOUCH The fact remains if you contact an individual with information that is relevant to them, it demonstrates you have thought about their circumstances and taken that into account rather than having done a carte blanche mail shot, hoping some of what you send hits the right audience. Talk to IT companies that you can understand and who can understand your business. Find out about their own personal experience within financial services and how that can be applied to your business to ensure you get the most pragmatic solution that can help drive your business forward and keep it safe.
“Cloud computing immediately takes care of a significant proportion of operational costs. All you need is access to the internet, irrespective of whether you have your own personal computer in front of you”
www.mortgageintroducer.com
MORTGAGE INTRODUCER MARCH 2012 41
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