Is the 9-to-5 era over?

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New digital platforms and support services are reshaping how mortgage advisers operate, making the rigid, old-fashioned work schedule increasingly obsolete

THE TRADITIONAL 9-to-5 workday is undergoing a significant transformation, particularly in the mortgage advisory sector in New Zealand. New digital platforms and support services are reshaping how mortgage advisers operate, making the rigid, old-fashioned work schedule increasingly obsolete. What’s driving this change? Operating in such a competitive industry has forced mortgage advisers to evolve in order to set themselves apart. Finsure NZ country manager Jenny Campbell believes that advisers who are looking to embrace new technologies or leverage business support services, such as Finsure’s Virtual Assistant program, will be the ones to flourish within the next five years.

Finsure is one of Australia’s largest mortgage broking groups. Established in 2011 and expanded into New Zealand in 2023, Finsure has been one of the fastest-growing and most innovative mortgage aggregation businesses, offering cutting-edge solutions to its broker partners. As the intermediary between lenders and brokers, Finsure’s core business ethos is the desire to provide the strongest value proposition to its vast network of mortgage brokers.

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“As customer needs continually evolve, mortgage advisers who fail to adapt risk losing business to more agile competitors”

Jenny Campbell, Finsure

Over the past 12 months, a growing number of clients have been opting for short-term fixed rate loans. This can be attributed to borrowers expecting rates to drop for a while now; however, it was only recently that the Reserve Bank of New Zealand opted to drop the cash rate. Just like a starter pistol, this rate reduction has started a rush for advisers to move their clients onto a better deal. With shorter-term rates, advisers must engage more regularly with clients to ensure their needs are met and to secure repeat business. The increased workload can be substantial, as advisers must stay abreast of market fluctuations and provide timely advice to clients considering refinancing options. “As needs continually evolve, mortgage advisers who fail to adapt risk losing business to more agile competitors,” states Campbell. “Those unable to provide their customers the level of service they require will be left behind. There is no doubt that the key to thriving in this environment lies in leveraging technology and support services to streamline operations and dedicate more time to client interactions.”

In the ever-demanding world of mortgage advising, time is a precious commodity. Many advisers find themselves overwhelmed by administrative tasks that detract from their primary focus: serving clients. According to Campbell, this is where Finsure’s Virtual Assistant program comes into play. Recently launched in New Zealand, this program hires an employee on behalf of the adviser to manage loan administration tasks and engage with clients to ensure all relevant information is collected for loan processing.

“Finsure’s Virtual Assistant program is a game changer for mortgage advisers,” Campbell says. “Our trained virtual assistants handle a myriad of tasks, from document collection to client communications. By delegating these time-consuming responsibilities, advisers can focus on high-value activities such as client consultations and strategic planning. This not only enhances client satisfaction but also positions the adviser as a trusted and reliable partner in the mortgage process.” Fatima Dib, Finsure’s head of business innovation who oversees the Virtual Assistant program, comes from a mortgage advisory background herself, which she believes has been fundamental to the program’s success. “When developing the VA program, I just thought about all the pain points I experienced when dealing with customers. Besides the difficulty of running a business and bringing in customers, finding time to compile a loan application and check that everything was correct became almost impossible. It was the main issue I wanted to address through our Virtual Assistant service,” Dib says. “First, it allows advisers to manage their workload more effectively, leading to reduced stress and improved work-life balance. Second, the virtual assistant model provides a level of flexibility that traditional office set-ups cannot match. Advisers can operate more efficiently, even outside the conventional 9-to-5 workday.

In an era defined by rapid technological advancements, the mortgage industry has not escaped their impact. For mortgage advisers, staying up to date with the latest tech trends is no longer optional but a necessity. The infusion of technology is revolutionising how advisers manage their businesses, interact with clients and navigate the complex regulatory landscape. Campbell, having worked closely with advisers for over 20 years, understands that adaptability is crucial. “One of the standout features of our Infynity CRM is its ability to evolve. Our development team continuously update the platform to incorporate the latest features and industry best practices. This commitment to innovation ensures that advisers always have access to cutting-edge tools that enhance their productivity and client service capabilities.” But while continual technology advancement is exciting, it needs to be done with security and compliance at the forefront of any decision. Data security and user experience are critical components of any technological solution, especially in light of recent data breaches affecting major international brands. Finsure has addressed these concerns by implementing default security measures such as two-factor authentication (2FA).

“The virtual assistant model provides a level of flexibility that traditional office set-ups cannot match. Advisers can operate more efficiently, even outside the conventional 9-to-5 workday”

Fatima Dib, Finsure

“Moreover, Finsure’s Virtual Assistant program is tailored to meet the unique needs of each adviser. Whether it's a one-person operation or a larger firm, the program can be customised to fit specific requirements. This personalised approach ensures that advisers receive the support they need to operate efficiently and effectively.” The positive impact of virtual assistants is supported by industry research. According to a report by CoreLogic, mortgage advisers who leverage administrative support services like virtual assistants experience higher client retention rates and increased loan approval times. This is a testament to the effectiveness of delegating routine tasks and focusing on core business activities.

Have you thought about a virtual assistant?

The technology revolution continues to roll on

Published 04 Nov 2024

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Customer service needs are changing

Training is key

For some, embracing technological changes comes naturally; however, others may find the constant upskilling a challenge. “Running a business is tough enough, let alone having to upskill with every new platform that comes an adviser’s way,” says Campbell. “It’s not reasonable to expect advisers to manage this on their own. This is where partnering with the right aggregator is crucial. Those not offering constant training are doing their advisers a disservice. It’s why we have invested in a dedicated training specialist for our Infynity CRM, with regular free online classes held so that advisers can get expert help at a time that best suits them. “This is a competitive advantage that can’t be underestimated in such a competitive industry.”