Outsourcing repetitive tasks promotes business growth
To focus on business growth, one of Australia’s leading mortgage and financial services companies engaged Sundaram to handle repetitive but critical tasks. The client partners with its 3,600+ mortgage brokers to help them achieve their business goals.
3,600+
Broker members across Australia
Less time taken with repetitive work
Lower labour costs
Improved member benefits
The challenge
Unable to focus on core business due to increased workload
The client sought a partner to handle critical tasks.
- Broker accreditation, compliance and commissions. The regulatory compliance checks associated with onboarding accreditation is time consuming and tedious. At the same time, it is critical for the smooth functioning of the business.
- Product updates: timely availability of information was the key to informed decision-making, and the delay was resulting in lost clients.
- Commissions tracking: for seamless cash flow, it was essential to track commissions to their respective lenders.
- Compliance: in a dynamic business environment, the client was finding it challenging to keep up to date with changes to regulations and compliance requirements.
Eliminating time taken with these repetitive tasks would allow the client to focus on its core business: broker development and helping members to generate leads, establish themselves and ultimately grow their business.
The approach
Improved workflow allows focus on core business
From an onsite study, Sundaram identified the process improvements that would create greatest impact. A bespoke engagement strategy included:
- End-to-end broker accreditation: the entire broker accreditation process, from application to document vetting and mailbox handling.
- Lender product updates: publishing updates on lender products online, so that brokers have anytime access to relevant information (e.g. new products, current offers, interest and insurance rate changes, statistics). We also publish relevant news articles to the client’s website.
- Commission tracking: we manage outsourced tasks such as payment reconciliations against statements from lenders, processing of upfront and trail commission payments, and generating RCTI reports for commissions.
- Communications: workflows and trackers ensure brokers are paid correctly, on time.
- Compliance: we monitor changes to compliance and requirements and provide customised checklists to ensure clients adhere.
The impact
The mortgage and financial services industry is in a constant state of change
It’s essential for members to keep abreast of the latest updates in compliance, requirements, rates and offers. Our client’s core business is to assist its 3,600+ broker members to achieve their business goals – but a great deal of its time was taken up with onboarding, payables management and invoicing, and inefficient research tasks.
By outsourcing to Sundaram , our client achieved efficiencies in delivering its members the information and services they most need. They could focus on business development and growth.
