Brokers award Loan Market a trifecta for its BID-ready tech focus.

Loan Market’s brokers have ranked their aggregator as the industry’s best for the third year running, backing its preparations for the impending Best Interests Duty (BID), training support during COVID and strong culture of building bigger businesses in their endorsement.

Its network of brokers ranked Loan Market #1 in 12 of 14 business indicators surveyed in The Adviser’s 2020 Aggregator of Choice poll. 

Loan Market’s brokers also ranked the aggregator as the best in the industry for:

Critically, Loan Market’s commitment to making brokers BID-ready through tech-innovations and training via The Loan Market Way – the aggregator’s ‘compliance by design’ approach to BID – supported its jump from #2 in Compliance and Regulatory Support in 2019 to #1 in this year’s survey. 

Loan Market Executive Director, Network Success, Andrea McNaughton said: “An aggregator’s best-placed critics are their own brokers.

“This is the third year in a row our network has rewarded us with the top rating across critical broker-aggregator relationships, with 95% of brokers backing our offering, support and vision.

“The Aggregator of Choice title is always a proud honour but it’s particularly pleasing to receive it against the backdrop of COVID-19 and BID.”

Over 2020, Loan Market invested significantly in resources and technology to develop The Loan Market Way. 

Through training and technology The Loan Market Way establishes a benchmark for customer service and compliance and across each stage of the client journey, that will keep them BID-safe but also future-proof their business and processes. 

Every business owner, broker and support staffer has been upskilled in The Loan Market Way’s integration of sophisticated regulatory tech and digital marketing tools. 

From the profile-building Hello Pack and automated marketing tools to the inclusion of Artificial Intelligence and Machine Learning in the application process, the Loan Market Way saves brokers time, keeps them safe, helps them find and keep clients and build bigger businesses. 

“We’ve been saying for a long time that BID will offer brokers an advantage over the banks,” said Mrs McNaughton.

“We’ve gone that extra step further, with The Loan Market Way enabling our brokers with something different to others – a customer experience that dovetails compliance.

“It’s about keeping our brokers safe in the new world and supporting them with the platform to grow and capitalise on the opportunity of BID.” 

Momentum Intelligence’s Head of Strategy, Michael Johnson said: “Loan Market’s brokers have continued to be extremely satisfied with their aggregator’s level of support and service over the last 12 months.

“While many of the other aggregators surveyed scored well, Loan Market’s performance in this year’s survey continues its strong position as a leader in the space.

“The feedback from Loan Market brokers continually references the great culture that

exists at Loan Market and this positive environment is clearly having a strong impact on the experience of its brokers.”