Platform Finance is ready for the start of Best Interest Duty (BID) on January 1, 2021 (Phase 1) with the launch of its Platform Connect CRM – one of the first asset finance CRMs on the market that has BID requirements built into the workflow – and Platform Plus, a quoting and lodgement system designed specifically for mortgage brokers.
“We’re in a strong position to navigate the changing landscape and have been working closely with our aggregator and lender partners, not to mention our staff, ensuring we’re all well accustomed to the new system,” says Brad Crinion, Platform Finance’s CEO.
“Platform Finance has Australia’s largest broker Asset Finance lending panel, and we welcome BID to ensure we provide customers with the best products to suit their needs. We are also committed to providing extensive training and support to our broker network so they can fully understand the changes and how to best integrate them into their business.”
BID-Ready Platform Connect CRM
Platform Finance developed its Platform Connect CRM and application system for asset finance brokers in 2019, adding extra levels of compliance functionality to ensure it was conforming with the responsible lending obligations and NCCP laws.
“This has future-proofed us for the BID regulations,” explains Damian Mantini, Platform Finance’s Director Aggregation and Strategic Partnerships, who has worked intensively on the system’s development. “It’s efficient, effective and is designed to assist brokers meet their compliance obligations. We understand how brokers operate and already engage with customers by serving their best interests on a daily basis, and Platform Connect and Platform Plus support our audit process.”
Platform Plus Application System is also ready for BID
In October this year, Platform Finance undertook a soft launch of Platform Plus – a condensed version of the BID-compliant Platform Connect system, which is mainly used by mortgage brokers to submit asset finance applications. Since then, the team has been further finessing the system based on broker feedback and has been undertaking intensive training of its staff.
“We’ve had a number of lenders compliment our two systems and our readiness,” says Mantini. “We are in a good position for the two roll out tranches in 2021 – January 1 for mortgage brokers and potentially March 1 for asset finance brokers. Coupled with this year’s COVID challenges and the landscape changing so significantly, Platform Connect and Platform Plus are designed to address these changes. They help better position brokers for the future. And for mortgage brokers wanting to diversify into asset finance, Platform Connect ensures they are immediately BID compatible.”
Platform Connect features compliant for BID:
- It features a simple, easy-to-navigate progress bar to guide brokers through the 5-step BID process
- It has a real-time dashboard visually presenting key deal indicators and risks to the broker and licensee
- It presents multiple loan options to the customer, and a single solution that covers both personal and consumer loans
- It features the largest range of credit providers and detailed search criteria to pinpoint products that are in the applicants’ best interest
- It presents products by the total cost of the loan rather than just by interest rate
- It produces comprehensive compliance documents with eSignatures
For further information on BID-ready Platform Connect and Platform Plus:
Or contact our expert team for a free system demo today.