In 2020, the acceleration to digital broking has demanded mortgage brokers to reinvent the way they work, operate their business and interact with customers.
In this digital age, businesses need to improve their processes and adopt technologies to work faster, more efficiently, and enhance the customer experience.
But the question is, how? To put it simply, Kaizen.
Kaizen master and Head of Business Improvement, Michael Zavelberg, set out to drive a culture of continuous improvement across the Loan Market Group.
We sat down with Michael to get an understanding of how the Kaizen method can be applied to mortgage broking businesses.
Q: First things first, what is Kaizen?
A: Kaizen is a Japanese method of continuous improvement that focuses on delivering better customer outcomes by engaging with brokers and their teams to identify and implement improvements.
What ‘Kaizen’ means is to consistently make small incremental improvements to your processes, together with your team, instead of aiming for transformational, drastic improvements that could take years.
Q: What does the Kaizen method involve?
A: The Kaizen method has four key elements;
Define your customers value,
Ensure your process delivers the customer value in the most efficient and effective way,
Utilise the brain power of your team to really understand the actual as-is process (not what people think it is),
Identify pain points and activities your customer does not value (would not pay for) and identify improvement opportunities and actions to implement change.
The key to success is to engage your team and create a culture that gives people the opportunity to share their experience, learn how to identify root causes and how to implement improvements.
This is the reason why workshops include everyone in the business from business owners, Loan writers, Client Service Managers and administration assistants.
Q: Why will mortgage broking businesses benefit from this?
A: Broking is very complex and brokers have to deal with a lot of different people, lenders, products, processes, as well as managing their own business and staff.
Kaizen workshops show brokers and their team techniques on how to look at their processes from a different perspective, make better use of data, identify-non-value adding activities and deliver better customer outcomes at the same time.
Q: When is the best time for business owners to be looking at their processes?
A: Always. Successful companies never stop improving. Even working one hour a week with your team can create significant improvements in several weeks.
By honing in on daily practices, which produce the most benefit for clients, you can implement efficiencies for the brokers business and set them up for future success.
Q: How will you support Loan Market business owners with Kaizen?
A: Through Kaizen, I’ll be helping Loan Market’s brokers establish the environment from which they can introduce more efficiencies that translate into more enquiries, more conversions, more settlements, happier teams and better client experience,
At Loan Market, we are obsessed with streamlining our broker’s processes, helping them work faster and more efficiently, so they can do what they do best – support their clients.
If you want to know more about taking your business to the next level with Kaizen, visit here.
PUBLISHED June 12th, 2020 IN Stories and insights
Holly BagleyCommunications Manager
Holly is a multi-channel marketing professional with ambition and curiosity. She loves building things up from scratch, uncovering problems and finding creative marketing solutions. She gets a kick out of helping businesses drive measurable growth (yes data!).
As an avid film-buff, Holly has a passion for story-telling across multimedia. Call her Holly "Spielberg" Bagley!