6 Major Benefits Of Using Zink Software
by Piera Rossi, on Jan 11, 2021 12:19:26 PM
Possessing the right technological tools is becoming an increasingly important area of investment for brokers.
By adopting technology, high-performing brokers are staying ahead of the curve in increasing efficiency and lowering operational costs, while growing referrals and conversion rates and ensuring compliance.
When used correctly, technology actively enhances a broker's role and improves the client experience. Hence, successful brokers are becoming those capable of combining their human skills and expertise with comfortable mastery of new technologies.
Broker and director of 4X4 Tradie Wholesale, Daniel Lawton, has been an asset finance broker for five years, but only started using Zink a year ago. He reflects on how Zink software has helped him gain efficiency, listing 6 reasons why every broker should use Ausloans Zink Finance' platform. But first, a quick explanation of what Zink is and what it does.
What is Zink Software?
Zink, Automated Finance Software, is an innovative solution powered by Ausloans Finance Group. The loan software is suitable for brokers, dealerships and SMEs. It instantly assesses customer loan eligibility and its broker advisor tool delivers customer and lender matching options direct to the brokers computer screen.
Simultaneously, using advanced lender matching algorithms to automate assessment across 1000's of variables, Zink analyses the customers' finance profile and intuitively delivers customer and lender matching options, empowering the broker with productivity and efficiency gains upwards of 50%.
6 Reasons Why Asset Finance Brokers Love Zink
By asset broker Daniel Lawton
1. Everything is done and stored in one system.
Document collection has always been a "big pain point" for brokers. According to Daniel, before using Zink, he would process 10 to 15 applications per day, with most of his time spent on chasing documents where things "would go missing". Zink automated technology ensures that everyday tasks – such as collecting data, documents and customer– are performed efficiently, identically and reliably while storing everything in a sole system.
2. Productivity – Capacity to process finance enquiries at a faster pace.
Zink allows brokers to reduce the expense, verification and categorisation time frame and give customers a rapid response to their initial loan application, allowing them to close deals at a faster pace.
"My advantage is that I don't have a limit of enquiries to process. It takes two minutes, so honestly, the more enquiries, the better".
3. Efficiency – 80% of work is not there anymore
One of the key benefits of Zink is the time reclaimed through the enhanced efficiencies. For most brokers, this is invaluable, as it gives them more availability to nurture essential customer relationships, improve professional partnerships and prospect for new leads.
"Realistically, 80 per cent of your work is no longer there. So, all of that time you can put into having other contracts coming through" says Daniel.
4. Customer engagement
"The fact that the clients can use the system and go through the process themselves increases their engagement. And I have found when a client is more involved in the application process, the success rate is higher" comments Daniel.
5. Traffic light credit assessment
With just a copy of a driver' licence Zink can data capture customer data across multiple information platforms and within seconds, gain access to a 'Traffic Light Assessment' of the customer across six lending criteria segments. Green means the deal can proceed, Orange may require further investigation, and red means the customer is not eligible. This help brokers know who is able to get an approval before initiating the application process, making compliance easier and faster.
6. Increase turnover
Efficiency comes with its perks. Since I started using Zink I've been doing triple the applications I used to do" Daniel says.
Technology is changing the game for brokers and Ausloans Zink is leading the pack with regard to innovations that genuinely impact both broker and dealership productivity and efficiency.
Those who adapt their skill sets and adopt the right tools will continue to find success in the finance space.