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Emerging technologies such as artificial intelligence (AI) could be the broking channel’s “best defence” against competition from banks’ proprietary channels, according to Andrew Beckett, head of broker and third-party distribution at finance platform Lend.
AI-powered processing enables brokers to match the speed and convenience of bank-owned platforms, according to Beckett, without sacrificing the personalised advice that has made the third-party channel dominant in mortgages.
Beckett said Lend usage data showed brokers saved an average of one hour per application by leveraging streamlined, tech-forward processes.
For a broker submitting 10 applications per month, this equated to over a full working day (10 hours) saved.
“The best defence against banks’ direct lending push is to win the tech race,” he said.
“Brokers can use CRMs that have intelligent automation and AI-enabled workflows to manage application pipelines more efficiently, automate compliance checks and close the technology gap with banks.”
Tech in practice
Beckett cites several examples of how Lend’s technology gives brokers the edge.
For example, its automation engine lets brokers set up client and referrer communications in advance, with updates automatically triggered as a loan application progresses. Everyone stays informed at the right time, without brokers chasing clients or manually following up.
LendSign, another proprietary tool, streamlines the document signing and submission process for commercial lending. Unlike traditional e-signature tools that simply collect a signature and return a PDF, LendSign acts as a workflow engine, automatically pulling borrower data from the application and inserting it into custom-built e-sign documents.
Meanwhile, LendSize calculates how much a business can realistically borrow based on cash flow and lender-specific servicing ratios.
Beckett says many brokers still rely on rough estimates when sizing loans, which can lead to unnecessary rejections or missed opportunities.
“Many brokers still ‘guesstimate’ loan sizes based on gut feel. If they aim too high, the application gets rejected and valuable time is lost. If they aim too low, the client may not access the full amount they could comfortably service,” he says.
“LendSize helps brokers avoid that ‘application rejection’ loop by identifying realistic borrowing limits upfront.”
[Related: Lend rolls out LoanOptions.ai suite across broker CRM]