- Service not price major deciding factor when placing business say 67% of brokers -
With so many complex financial products on the market these days, direct selling is becoming the sales process of the past. Current trends indicate that most financial packages are being sold by third party brokers. However, they are not being given the fast responsive service that they require in this paced market. Financial products are more and more likely to be sold due to speed of service and not for the quality or price of packages, claims edge IPK leading provider of Open Presentation Platform (OPP).
Brokers are searching for a fast responsive service from product providers such as banks and insurance companies; time is of the essence when they are looking to break these deals. It is important to provide a full sales platform with the following:
- Dynamic rules based screens that fast track users through screens and data capture.
- Validated entries that eliminates data errors and applications going back and forth between brokers and providers
- A compelling user experience providing brokers with an easy to use system that requires no real technical knowledge
"Businesses need to commit time, money and investment into its processes to ensure the highest levels of service and support in the market. Financial service companies are competing for brokers as the broker has control of the customer. Without this brokers will go to other providers who are able to offer such services," commented Dharmesh Mistry, CTO edge IPK.
"Speed and depth of service, not expense has become the number one factor when making transactions in this market. If financial institutions don’t take note of this, they will be left out of the equation during the choice process," he continued.
The speed at which product providers can process applications and transactions is key. They also need to provide depth of service by providing complete functionality with their online services. The longer it takes to process the said applications, the longer the client has to wait and brokers are not prepared to take the chances and miss these deals which they are being paid and recruited for.
If financial institutions do not sit up and pay attention, they will lose business from these brokers who are gaining huge influence in the market and decisions of others, as people move towards third party buying options for financial arrangements.
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