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One of the biggest challenges is lender research. Most brokers are working with more than 50 lenders at any one time, largely driven by their aggregator relationships. It’s nearly impossible to keep all of those policies and product details in your head.
The next major challenge is client follow-up, document collection, and the level of automation available to support those tasks. The more time spent chasing documents and completing administrative work, the greater the cost to the business.
Another key issue is fragmented systems. Many brokers use software provided through their aggregator, but it doesn’t always cover everything they need. They may still need to manually pull credit reports from Equifax, use Docusign for e-signatures, or rely on multiple other tools to complete a transaction.
Andrew Beckett
Head of Broker and Third-party Distribution at Lend
Today, Lend is an all-in-one platform. While that’s a broad statement, what we deliver is the ability for brokers to manage SME and commercial lending, personal loans, car loans, equipment finance, and, shortly, home loans – all within a single system.
That’s where we’ve identified a clear gap in the market. Many providers have focused heavily on one area and then bolted on third-party solutions to fill the gaps. Our goal has been to build a genuinely integrated platform that allows brokers to manage multiple lending products from one place.
The brokers we work with generally fall into two categories. Some are highly digital businesses that generate leads online through their websites, while others are more referral-focused, working with sources such as car dealerships, accountants, and mortgage brokers.
Regardless of where the lead originates, the broker has access to a platform that can send privacy disclosures, request documentation, use OCR technology to read documents, such as driver’s licences, and automatically populate that information into an application.
What we’re trying to solve is that fragmentation, by providing a single, integrated platform that streamlines the process and helps brokers operate more efficiently.
“What we’re trying to solve is that fragmentation, by providing a single, integrated platform that streamlines the process and helps brokers operate more efficiently.”
— Andrew Beckett, Head of Broker and Third-party Distribution at Lend
The financial passport is our answer to system fragmentation.
Traditionally, brokers might use one platform for home loans, another for commercial or asset finance, and then try to manage personal loans and car loans through whichever system happens to support them.
By having all of that information in a single platform, brokers can quickly assess product availability, compare lender options, and identify opportunities for clients. Rather than treating each lending need as a separate process, the financial passport gives brokers a complete view of the client’s financial profile and opportunities available to them.
That’s what we mean by a financial passport: one client profile, one platform, and visibility across multiple lending solutions.
The decision was largely driven by the brokers we already work with. Many of them were using Lend for one part of their business while relying on another system for home loans.
Many were already serving clients across multiple lending needs, but they couldn’t manage everything within a single platform.
Over the years, we’ve built a range of tools that sit behind the scenes to improve efficiency. What we’re doing now is extending those capabilities into home loans and building a complete solution that integrates seamlessly with the broader platform.
Many were already serving clients across multiple lending needs, but they couldn’t manage everything within a single platform.”
— Andrew Beckett, Head of Broker and Third-party Distribution at Lend
For us, the core CRM functionality we’ve been building over the last decade has now reached a point of real maturity.
The next stage is focused on unlocking more value from the financial passport concept. Our goal is to become a complete ecosystem for brokers and their clients.
We’ve recently completed integrations with accounting platforms, such as Xero. That opens up a range of new possibilities. Imagine a broker being able to build a complete client profile within the platform, incorporating credit data, illion BankStatements analysis, and financial information from accounting software.
From there, the system could automatically generate credit papers and overlay that information against our lender matching engine, creating a much deeper level of assessment and lender analysis than currently available.
That’s where we’re heading next.
Andrew Beckett
Head of Broker and Third-party Distribution at Lend
For Australian finance brokers who need to manage complex lending workflows across multiple products and lenders, Lend is the all-in-one technology platform that combines CRM, compliance, and lender connectivity in a single intelligent workspace. Unlike fragmented point solutions or manual processes, Lend streamlines every step from client intake to settlement - giving brokers back the time to focus on what matters most: their clients.
