One of the toughest balancing acts for brokers is managing added regulatory requirements with a brilliant customer experience.
Badly-managed processes that trigger customer complaints, along with habits and oversights that attract regulator interest, damage a brokers’ business.
At the same time, turning the customer journey into box-ticking with reams of regulatory forms will do nothing to drive recommendations, referrals or revenue for brokers.
LMG has addressed this challenge by adopting compliance by design in the digital world to keep its brokers safe and drive productivity.
Compliance by Design
In its simplest form, BID was introduced to deliver customers better outcomes.
LMG built on this intent by reviewing all of the BID’s regulatory requirements through a ‘compliance-by-design’ lens. How could each new demand on brokers be leveraged to deliver a better customer experience?
For instance, instead of simply providing clients with a plain document outlining the privacy policy and credit guide littered with regulatory-speak, LMG created the ‘Hello Pack’.
As well as covering-off on the BID requirements, the ‘Hello Pack’ fosters a positive relationship with clients by providing a background of the broker, their lender spreads and the CX-focused Online Fact Find where clients upload documents quickly and securely.
LMG’s Goalsetter App homes in on the demands of compliance, acting as a digital meeting companion to guide BID-focused discussions between the broker and client. The BID Notes Helper feature requires brokers to document, at-length, the client’s responses, creating a paper-trail proving the right questions were asked and the right information obtained.
And rounding-out the intent of the BID, LMG’s customer-focused Game Plan summarises the preferences and goals of the client alongside their financial capacity, with an easy-to-read conclusion outlining the products and lenders that best suit.
‘Compliance by design’ ensures the client has a brilliant experience - not a dull one that’s hamstrung by regulation. It improves the chance of word-of-mouth referrals and online reviews: ‘social proof’ of the broker’s customer service.
The whole experience not only complies with the BID, it proves the broker acted in the best interests of the client, helping protect them against potential complaints.
In its entirety, PwC recognised LMG’s BID response as ‘high quality customer-friendly documentation which covers regulatory requirements whilst providing explanations to customers in plain English’.
Experts in compliance
Complementing LMG’s tech that does the heavy lifting on regulation is one the industry’s best-resourced Compliance Teams.
Ten Compliance Consultants keep LMG brokers around Australia safe in their file handling and client management processes by:
Compliance consultants are also highly-trained in, and support brokers around the requirements of:
At any time, LMG’s Compliance Consultants - along with state-based Broker Success Teams - are available for brokers. Experts in compliance and customer service, they’re the industry’s best sounding boards for scenarios and queries. They keep brokers safe.
Dealing with complaints is time-consuming and expensive, even if the matter is found to be in favour of the broker. LMG’s ‘compliance by design’ approach ensures clients are engaged on the journey, understand the process and reasoning for recommendations, and have a great overall experience. Along the way, brokers prove they’ve acted in the client’s best interests.
Supporting the digital engagement, Compliance Consultants provide LMG’s brokers with the confidence to act safely and productively. It’s the industry’s best combination for brokers.
If you’re uncertain how your business could be exposed to compliance issues and complaints, contact an LMG team member today to learn more. Reach out here.