Finova adds later life lending product comparison to its Broker CRM
“Record levels of demand paired with limited supply is making it increasingly hard for brokers to generate new business or complete on standard purchases. In this market, brokers need to be able to diversify the products they offer without impacting their capacity or reducing efficiency.”
Finova has integrated its Broker CRM with Air Sourcing, allowing its clients to compare the most competitive later life lending products on the market, all within one single system.
This move comes at an important time for the sector as increasing numbers of intermediaries consider how they offer these products to their clients. The later life lending market is worth £153.9 billion, according to AKG Financial Analytics.
The Air Sourcing integration with finova’s Broker CRM will enable intermediaries to future-proof their business and diversify the products they offer their clients.
Meanwhile, the highly configurable CRM system allows advisers to process more applications with built-in automation and defined customer journeys.
“Increasingly hard for brokers to generate new business”
Kevin Gaut, Chief Technology Officer at finova, said: “Record levels of demand paired with limited supply is making it increasingly hard for brokers to generate new business or complete on standard purchases. In this market, brokers need to be able to diversify the products they offer without impacting their capacity or reducing efficiency.
“We are proud to offer this first-of-its-kind technology which supports brokers to do just that, available for all users whether they are currently writing later life lending business or looking to move into the space. And as the trusted technology partner to over 70% of equity release lenders in the market, we are in a great position to help transform the sector for both brokers and lenders.”
Stuart Wilson, CEO at Air, commented: “At Air, we are committed to supporting brokers as they help their customers find the right option for their individual circumstances. By partnering with finova, we can extend this support to the brokers who use their CRM service and help to streamline the process so that they can spend more time focusing on customers rather than repetitive admin.
“Air has always been at the forefront of innovation, and it is something we are committed to in this ever-evolving market. As part of this, we recently relaunched the Air Academy which is accredited by the London Institute of Banking and Finance and aligned to the Equity Release Council’s Competency Framework. Those who successfully complete the modules can earn accredited status and will ultimately help to drive higher standards within the sector.”
Matthew Harrison, Sales Director at finova, added: “The later life lending market is continuing to grow at a rapid pace with many now using it to access wealth built up in their properties in order to support retirement, settle previous interest-only loans, or help their family get on to the property ladder. It is vital that a modern CRM reflects this demand and provides the tools for brokers to facilitate this.
“We are seeing more and more firms branch into this market, but they are doing so using separate systems meaning reduced efficiencies and fragmented or duplicated databases. We are delighted to improve on the current flexibility within our Broker Platform to support users to diversify their product offerings and to enrich the service they offer.”