Businesses that understand the need for a combination of technology and the human touch, are more often than not, the same ones will growing customers. Being human and helpful, even in the age of technology, remains an important aspect of successful businesses.
Originally published on The Intermediary.
The specialist lending market has grown in its importance over the last few years. Areas of property finance like bridging loans and development finance were once seen as niche. However, these days far more brokers are more open-minded and confident to handle these cases.
In some cases, brokers are handling the advice themselves, while in others this diversification has meant partnering with specialist experts.
It has not just been the increased demand from borrowers that has led to this growth in broker activity. The sector as a whole has made specialist finance more accessible to advisers, with technology playing a central role.
Pushing the market forward
Most areas of finance have recognised the importance of technology in their efforts to optimise overall output and customer service. However, the property finance market has largely lagged behind in this regard.
Thankfully, that’s changing. The pandemic has certainly opened some eyes to how the smart adoption of technology can improve the way that they work. Not only that, but it also mean that they provide a better experience for their clients too!
There is no better example of this than sourcing specialist products. Going through the criteria of individual lenders can often take an awful lot of time. This can especially be the case if you’re not making use of a quality sourcing solution.
Based on direct discussions with brokers, we highlighted these challenges and created a solution – a streamlined sourcing solution. The Provide Finance platform gives both broker and borrowers far greater access the most suitable lenders for their needs. The platform allows brokers to communicate with their clients and lenders essentially under a single virtual roof. They have the ability to manage multiple clients through one dashboard, making their lives far easier.
We know, based on user feedback, that technology has the ability to help everyone involved in the specialist sector deliver a smoother experience.
Retaining the personal touch
However, there’s no question that technology works at its best when it is complemented by the human touch. The ability to speak to an actual expert eliminates any specific questions or issues that arise.
When it comes to specialist finance, all cases are unique in some way. All brokers will have their own stories around cases which faced additional hurdles because of some element of complexity around them. Perhaps because there was something out of the ordinary about the property itself or the circumstances of the borrower.
And it’s those cases where a personal level of support can make all the difference. That’s why we have built a team with expertise across the specialist sector who can provide invaluable assistance in helping brokers to identify the perfect option for each client. Our support team is fully immersed in the specialist market, ensuring that they are fully up to date on all of the latest industry updates and changes to lending criteria.
There is no doubt that we’ll see more technology launched for those operating in the specialist sector in the years ahead. Better and more efficient services will be designed to help brokers and borrowers alike identify the best financing options.
Yet, what is clear from our experience is that it’s those who can support that technology with the human touch, who can combine first-class technology with personal support who will stand out from the crowd and win the backing of brokers.
Technology alone will never be the answer.