Introducing SmartFinanceHub
17/09/2021
FXE Technologies launches SmartFinanceHub to connect brokers and funders as firms feel the pressure to ‘future proof’ their operations.
There is no longer any real debate. The commercial finance market has been slow to adopt digital technology but is now catching up. Covid has accelerated the trend – especially between brokers and funders. As Mike Randall, CEO of Simply, observes, “We now have over 60pct engagement on open banking which helps save money on fraud, it speeds things up, it’s better for the customer, it’s safer. The pandemic has actually helped the process step up and get there quicker.”
From the brokers’ perspective, the adoption does not only improve efficiency but also addresses key challenges that the sector is facing. Tom Perkins, Director of Charles and Dean, comments, “The whole regulatory framework and governance of our market is under the microscope. As brokers we have an obligation to show an unbiased view on products and allow clients to make informed choices based on decisions that we have made in the background to determine which products and lenders are presented to that customer. Using technology to drive good practices and better engagement with customers doesn’t take anything away from the broker, it enhances the broker value proposition.”
Tom’s team has been supporting the development and launch of SmartFinanceHub, a digital tool that gives brokers unified access to their funding panel and puts tools like Open Banking at their fingertips. Tom is clear that digital tools like SmartFinanceHub will never replace his team: “Relationships drive our business. This will not change. Digital tools just allow us to focus on relationships while minimising our effort in demonstrating compliant processes and dealing with documentation.”
As Director of Finance For Business UK, Jeff Rimmer has worked in the Asset Finance industry for more than 30 years. He adds, “SmartFinanceHub is helping us write more business without increasing our headcount - the technology is simply speeding up the whole process. For new staff not familiar with our panel of funders, the proposal system allows them to see which funders are interested in the deal and makes it easy to submit a high quality proposal.”
Leaders in digital adoption, like Simply, are reaping the benefits in better engagement with brokers, leading to more deals being introduced and higher efficiency in closing deals. This has not gone unnoticed by brokers. Tom Perkins estimates that today a third of funders are offering brokers a good digital infrastructure: “A third of funders is innovating and others are still very much in the dark ages. Innovative funders have really embraced technology and make is easy to present deals. If we can get the lenders all up to a level playing field - that would be my wish.”
Ben Sher, Chief Commercial Officer at Funding Xchange Technologies (pictured above), concludes, “Commercial finance brokers play a pivotal role in our SME economy, providing end customers with advice and navigation of the complex finance options available in the market. SmartFinanceHub helps brokers in further facilitating this role by creating digital capability, allowing our sector to leapfrog into a digital future without disrupting what is core to the brokers: investing in personal relationships and providing clients with advice.”
- For more information on SmartFinanceHub click here.
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