Maximising technology to transform your asset finance business

210416 April CAF news article header

If you could automate a third of your current business activities, how would that transform your business?

Finding and incorporating the right tech tools into your daily operations could make a big difference to your bottom line.

Technology streamlines time-consuming tasks, facilitates more convenient communication with clients, and helps you increase employee engagement, so you can focus on growing your business and staying ahead of the competition.

Are you making the most of the tech tools available? Read on to find out.

Leverage your CRM’s time-saving features to work smarter, not harder

Your CRM platform is the most important tool they’ll ever use, next to your smartphone. Your data holds the key to future business growth. So take the time to get to know its features and how it works now, so you can optimise and customise your workflows to save time later. A CRM is bespoke to your business, so make it work for your processes and practices.

Did you know, Connective’s business platform, Mercury, has a CRM which stores important client details, including the type of service they require, their birthday or even their footy team. By leveraging Mercury’s data-driven insights, to segment and communicate with clients, brokers can identify and prioritise leads that will likely convert.

Mercury also supports brokers submitting consumer finance deals with an embedded workflow and checklist for responsible lending obligations and compliance requirements.

By learning how to use your CRM to its full capacity, you can automate tasks, find operational efficiencies, improve communication with clients, and discover opportunities for growth.

Use technology to create conveniences and improve communication with clients

As a borrower purchasing a piece of equipment or looking for a cash flow solution, knowing where the application is at and when funding is coming through is vital.

As a client’s trusted financial advisor, you can set up automated emails and SMS alerts within Mercury to keep them informed every step of the way. With DocuSign, clients can sign forms electronically, which saves time and expedites the turnaround process.

Utilising Connective’s Digital Marketing Hub, you can also create automated, personalised email campaigns to educate and engage your SME clients, letting them know about new government assistance programs, updates in the asset finance space, and all the many funding options available for a cash flow solution.

Many SMEs don’t understand or know how to access the right funding for their businesses, so if you can provide them with accurate information, education and resources, and ultimately a solution, you’ll become highly sought after by clients. Email newsletters, social media accounts, and your own website are tools to help your customers make informed decisions.

Keep employees engaged and motivated by embracing technology

Over the last year, the world has adjusted to working remotely— and it turns out, it might be good for business.

Research by The Economist Intelligence Unit found that when companies embrace mobile technologies, employee productivity, creativity, satisfaction and loyalty improve.

In a February survey of 1,000 Australian business owners, 29% said productivity increased with employees working from home. Businesses in the finance and insurance sector saw a 52% uplift in productivity.

So how can you use this shift in working practise to keep this productivity uplift going as many move to a hybrid-working model?

In general, these best practices apply whether you’re working remotely or in an office and can be facilitated by technology:

  • Celebrate employee wins and recognise the team’s efforts – this can be done via email, in-person, or using an instant messaging service like Microsoft Teams and Slack. Send gift cards or care packages as rewards.
  • Set up weekly one-on-one chats with employees to ensure they feel heard and valued. You can use digital tools like Microsoft Teams, Zoom or Office Vibe to keep them efficient and useful for everyone.
  • Just as you do with clients, conduct regular surveys using tools such as Culture Amp to gauge morale.

Invest in quality processes to get quality outcomes

Technology is transforming our industry and how we do business. Digital tools make administrative tasks more convenient for the customer, less time-consuming and complex for the broker, and more efficient for the lenders. It’s a win-win all around.

Brokers who invest in learning how to customise and leverage technology to suit their business practices will increase productivity and efficiency, and improve the service, support and outcomes they provide clients.

What changes can you make today to enhance your digital practices? Find out how Australia’s leading aggregator can help drive your business forward.