So much of the way finance used to work was shrouded in mystery. It’s been really interesting to watch how technology is starting to change all of that.
Generally speaking, in days gone by people would make an appointment with their bank manager and wait patiently through a slow process of supplying documents. Few knew what was going on behind closed doors. That’s changed now for many; which can be fantastic news for small-business owners.
Today, finance is becoming all about choice. No longer are many business owners having to make an appointment with their banks, they’re choosing not to supply their entire life in documents and opting to reduce their own wait time.
Technology is offering new alternatives.
These are just some of the reasons that new non-bank lenders are becoming increasingly popular. Platforms like ours cut out the suspense and the waiting time.
In early September, the Australian Securities and Investments Commission (ASIC) released its findings on Looking for a mortgage: Consumer experiences and expectations in getting a home loan.
It found that customers who visit a mortgage broker expect the broker to find them the best available home loan. Following the release of the report ASIC commissioner Sean Hughes said that lenders and brokers must “step up” to make it “easier for consumers to meaningfully compare loan options”.
In some ways these findings and comments are relevant across the full spectrum of finance.
ebroker works with over 70 non-bank lenders; we are committed to offering customers choice. We’re seeing a decrease in trust in old school
If someone’s looking for finance options to grow their business, they can now see all their options right in front of them. Frequently, they want choice and they want transparency and speed. When we’re onboarding each new lender, we drill into precisely the kind of customer they’re looking for. Equally, potential customers are live-matched on over 40 data points. This ensures we can match the correct lender to the right customer.
As fintech disrupters gain traction, choice is becoming central to the future of finance.
We’re finding people want choice in who they borrow from and to be able to choose repayment terms. Many want to take control of their business decisions and cashflow.
Smart small-business owners are savvy. Quite simply, they don’t want someone making choices on their behalf. Rather, they want to dictate their own terms, see a wide pool of choices and make informed decisions. Technology is empowering small-business owners when it comes to finding finance. It’s now up to business owners to embrace the empowerment technology offers.
ebroker is Australia’s first and only fully independent, transparent matching platform where anyone can find and compare unsecured small business loans. Now working with over 70 non-bank lenders. Find out how we can help here.
Heath Fitzpatrick, Chief Operating Officer, ebroker