Steve Walker is MD of Promise Solutions
Do you have a smart phone? Most of us do these days and all come laden with all manner of apps. Some can be very useful – apps that tell us where our next train is can prevent many a frustrating journey, for example.
Then of course there are those apps that may not be useful as such but provide entertainment. And finally there are the apps that are pretty pointless – the virtual candle for example, which was recently crowned Most Useless App Ever Invented in a poll.
My point is technology is not always beneficial. I have concerns that for some players in this industry technology is employed for technology’s sake.
The systems some firms use have very little use and offer very little benefit to a client. However the firm soldiers on with it because it believes ‘technology is important’.
Yes it is, of course it is. But only when it is used effectively. We have invested millions into our systems to ensure they provide a useful service.
Good technology gives you transparency, the ability to compare the whole market instantly and enables you to justify the product you’re selling.
Brokers want to know that the product they choose for their client is the best for them, not just because it appears cheapest.
Good comparison tools should allow you to compare based on things like lowest estimated cost of loan if settled early, lowest estimated redemption figure and lowest estimated cost over full term.
Good technology should allow brokers to see the products their clients just missed out on. It should allow brokers the ability to calculate ERCs and remind them of important disclosures to ensure they stay compliant.
Before you splash out on technology make sure there is some substance to it.