*Source: 2024 LMG SmartData pilot data
As anyone in finance broking knows, shortening the time to lodge a loan benefits everyone.
Fast-tracking data collection and making the process more accurate creates important efficiencies for brokerages. It frees-up brokers to spend more time implementing their strategies and delivering an amazing customer experience.
And for clients, reducing the back-and-forth on file sharing and reaching approval faster, makes the whole experience less tedious and stressful. It’s a win-win for both sides.
This week, LMG unveiled its solution to this common bugbear for brokers - SmartData.
Designed in-house, the automated client data collection tool is saving brokers around 35% in lodgement time - the equivalent of three days!
LMG Executive Chairman Sam White said SmartData was representative of the aggregator’s commitment to do the heavy lifting on lodgment and compliance.
“We know brokers want to spend less time on manual data entry and reduce the amount of back and forth with their clients, and SmartData does just that,” he said.
“SmartData makes getting a loan even easier for clients and means they don’t have to estimate their expenses or remember all their assets and liabilities. All the information is populated in MyCRM, giving brokers more accurate and complete financial information, faster.
“We developed this technology in-house at LMG and we’re really excited to be delivering on our promise to save brokers time.”
Tom Morison from Aria Financial was one of the brokers that participated in the pilot. He said:
“SmartData means we get the documents back faster. The data is more accurate, so we don’t have to spend as much time diagnosing the information and there’s no need to go through bank statements for living expenses.”
The MyCRM feature is being rolled out across the LMG network throughout May. And from the impression the time-saving tool created amongst our pilot group, our brokers are going to love the reduced admin, faster lodgements and happier clients.
How does it work?
SmartData directly pre-populates clients’ raw data into MyCRM. The industry-first technology helps brokers process and analyse loan data more efficiently and reduces the time-consuming back and forth with clients.
It’s able to:
It allows clients to confirm their financial data with ease, rather than trawling through accounts, and gives brokers access to that information instantly, without having to input it manually.
Slashing lodgement times by 3 days
Sam Arthurs from Loan Market in Warrnambool said SmartData had made life a whole lot easier for his credit analyst and loan administrator. He told us:
“Application to lodgement is now much, much quicker.
“We’re now not going line by line and calculating what the client is spending. We’re now able to spend a lot more time on the servicing side of things, mainly because we’re not spending all that time trying to find living expenses that might be nestled away in a bank account off to the side.”
Mr Arthurs also said SmartData pre-empted issues that commonly held-up the approval process.
“We used to have one in five files come back to us because the client forgot to put down a credit card or similar: they might have walked into a department store and signed up for something and it remained open on their file. (With SmartData) we can get the client to iron that out before it goes to the lender.”
If you'd like to find out more about how SmartData and other LMG innovations could save you time and help you build a stronger business, reach out to the LMG team today.
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