How Asset Finance Industry Overcame the Challenge of Covid-19

Covid-19 has affected the Asset Finance industry like many others but not necessarily in a negative way. Throughout the months of March, April and May we have seen a rise in the amount off demand for finance across unaffected sectors.  In essence, “Good Finance was the new Black”, our lending partners naturally became conservative and we managed to align efficiently. There was an increase in inquiries from businesses in the construction, transport, trade and medical industries. This was spurred by on the Government’s decision to extend the Instant Tax Write Off from $30k to $150k.

The environment during Covid-19 is very different and has provided increased challenges however, the opportunities within the market are still available.

So, how did Ausloans pivot to meet the market demand?

Marketing

We continuously keep up to date with trends within the digital marketing space and streamlined our ability to target certain business sectors and demographics. This is nothing new, creating an on going flow of leads is key to the success of every brokerage – It is how you filter and provide a customer journey flow that will make the difference.

Customer engagement throughout the initial process should be painless and efficient. Relevant communication should be sent out accordingly and followed up ASAP with strong customer service. The consistent flow of leads is key for the ongoing growth and development for any Brokerage.

ZINK – Finance Application Software

Zink (Zero Ink) is out patented Finance Application Software that we released to our Asset Brokers just prior to Covid-19. After taking a photo of the customers’ licence and submitting it through ZINK you are provided with a ‘traffic light credit assessment’ of the customer within two minutes:

• Green means deal can proceed
• Yellow may require further investigation
• Red means the customer is not eligible.

The Advisor wrote a feature article on its capabilities and so far, it has exceeded expectations. Having the knowledge upfront in a short amount of time has saved an enormous amount of time qualifying potential customers.  Zink allows the broker to work on the right deals according to the business climate and this gave Ausloans the ability to pivot quickly and efficiently.

Genius CRM

Genius CRM is our in-house developed sales tracking software that allows Brokers to manage large volumes of customers at one time. The flow of customer from the initial ZINK application is seamless, customer interactions and data capture are saved to the customer file. The whole application is paperless, communication is automated and once you have all the relevant documentation, push through functionality saves you time. More importantly, it allows the broker to be ASIC Compliant across all deals.

The Covid-19 pandemic had unprecedented effects to the finance industry that we are still going through. A huge congratulations goes out to all the Brokerages out there who are still trying to do their best under strenuous circumstances. The continuous change to lender criteria, at times daily, was a huge disruption as no one knew what the market was going to do. As the country starts to open, we recommend you do a review of your operations and look at areas of improvement.

For a confidential, obligation free discussed please do reach out to Ivan Lovos on 0423 082 767.