Alternative lending fintech, FundX, has announced the appointment of a new Business Development Manager chosen specifically for his expertise in finance broking, in recognition of the growing importance of fintech lenders partnering with finance brokers.
Phil Foweraker has spent over 15 years in finance covering all facets of funding, including at Westpac and NAB, however now sees an opportunity to use this experience to help finance brokers find the fintech partnerships that will allow the “one-stop-shop” model that is becoming increasingly demanded by consumers.
“In the era of convenience, consumers are increasingly seeking out more holistic service offerings from their financial services professionals – finance brokers included,” said Phil Foweraker, Business Development Manager at FundX.
“Rather than being a concern, this growing trend opens up opportunities for brokers to partner with fintechs willing to white label their offerings, in order to allow brokers to provide a far broader range of options for their clients, while strengthening their invaluable client relationships in the process.
“This also doesn’t need to be a complicated process, as it can be as simple as asking a question or two during the initial fact find process, to identify whether your client has a particular need that could be best met by a fintech product, resulting in a “stickier” client as a result of the broker’s ability to find a unique solution,” said Phil Foweraker.
According to a report by research group, Frost & Sullivan, the value of fintech in Australia is likely to balloon to $4.2 billion by 2020, emphasizing the growing importance of early adoption and adaptation.
“Over the past five years, I’ve personally witnessed a major shift in the broker model, with brokers increasingly diversifying their offering to realize multiple income streams and provide up-to-date client offerings,” continued Phil Foweraker.
“Aggregations groups have also identified the calling for brokers to diversify and service clients across the gamut of their financial needs, offering white label products to brokers to cross sell in commercial and equipment finance,” concluded Phil Foweraker.