Times are changing: Adapting to support the modern broker
As this year throws new challenges into the mix - from rising energy and labour costs to staff shortages, supply chain issues and rising inflation - the need for adaptation and greater flexibility from the finance industry is key. Brokers play an important role in identifying what needs to be done to help their clients to overcome challenges and unlock new potential for growth and prosperity. To uncover what the lending industry must do to keep up the momentum and harness change, we sat down with some of our intermediary partners to hear what they had to say:
“It's all about funding for future growth”
Businesses are making bold decisions this year to innovate and evolve. Sustainable investments, AI and digital transformation are set to become some of the biggest market trends of 2022 and making more funding accessible to support these plans is essential. Whether it’s supporting the one-man band, the small and fast-growing team, or the well-established firm, funders need to adapt their mindset and look to the future to support those big ideas that are coming our way.
“Time to get creative with credit appetite”
It’s time for vanilla lenders to keep up with the pace of change. Brokers are calling on the lending industry to become more open-minded about the business proposals that come their way. Every business comes with its story and by listening to what that narrative is and embracing its quirkiness will help to better serve the businesses of our future.
“Put more options on the table”
As the old age saying goes, one size doesn’t fit all. We shouldn’t underestimate the importance of offering a greater choice to business owners or offering the flexibility to package multiple products together to support all of their business requirements. Taking a holistic view of the clients we support - all of the challenges they face or opportunities they have available - can go a long way to accelerating their growth.
“A quick no is just as important as a quick yes”
Time is one of the greatest assets a business has, so why take this away from them by unnecessarily prolonging a decision? Being quick on our feet and reactive means that businesses don’t miss money-making opportunities and can progress with their plans swiftly. It might not always be good news, but an honest conversation with a broker and their client can help them to understand where they sit in the market and what direction to go in next.
“People want to work with people”
Whilst technology advancements are inevitably shaping the future of the finance industry, ultimately people just want to work with people. Reliability, accessibility and relationship-driven are some of the greatest qualities a lender can offer a broker and their client. Partner this with a seamless service and AI that will inform data and decisions, and you will gain much more in value and loyalty from brokers and clients.
Times are certainly changing and conversations with our intermediary partners confirm just that. Time Finance are well equipped to keep up with the momentum of change with a broad portfolio of funding solutions which are regularly enhanced and improved to support the modern broker and business.