What does success look like in 2021?

What does success look like in 2021? Customer expectations have never been greater, but we are also seeing significant growth in mortgage broker market share as they work at the forefront of home lending.

More than 1000 brokers, asset finance introducers and key industry participants took part in Pepper Money’s Insights 2021 event in March – attending in person in Sydney, at viewing hubs in Brisbane, Melbourne, Adelaide and Perth, and via livestreams direct to their offices and work-from-home spaces around Australia.

To unlock the drivers of future business success, speakers discussed how the digital experience is evolving, what the latest regulatory changes will mean for brokers and introducers, and why the most important people in your business deserve the title ‘CEO’ – customers, employees and outsiders.

Dx: Digitising the lending experience

According to Royce Tully, Pepper Head of Technology, “time is the new currency.” And the right technology can help brokers and introducers have more time with their customers.

“It’s not just about attracting more customers, but making it easier for them throughout the process,” he said. “And Pepper does not want to be the clunky part of your journey.”

Brokers have told Pepper their priorities include:

  • growing and managing revenue, by matching the right products to the right circumstances,
  • keeping costs down by being more efficient, and
  • managing risks to keep their commitments to client security and privacy.

According to Royce, creating better digital experiences will help drive success for all three of these business fundamentals.

Pepper is investing in purpose-built platforms to deliver that digital experience. gives mortgage broker customers certainty within minutes.

Asset finance partners are already using Pepper’s new Draft API, which takes CRM data into Pepper’s Solana platform without any re-keying for automated application lodgement – along with improved visibility of application status.

And now, Pepper is about to launch a digitised mortgage origination – with fewer documents, faster approval, and broader digital signature enablement.

“The aim of these digital plays is to answer questions faster, loop you into what’s possible, and build greater trust in the transaction,” explained Royce. “Ultimately, it’s about giving you more time with your customers.”

Watch Royce discuss the fundamentals of digital experience.

Rx: Be prepared for regulatory change

Elise Ivory and Rachel Walker of Dentons shared the latest developments in a raft of regulatory changes impacting mortgage brokers, including Best Interest Duty and Conflicted Remuneration, Design and Distribution Obligations, and Internal Dispute Resolution.

The main message: it’s your responsibility as a broker to be prepared, and check the details – including the commissions you’re paid by lenders. Any breaches could incur heavy penalties.

But it’s also primarily a matter of documenting the processes you already have in place.

“Best interest is really intuitive for mortgage brokers,” said Elise. “You know what loans will work for a customer. But now you need to record why you’re making that recommendation. You now have to formalise it.” She suggests giving customers at least three loan options – even if they are certain they want to use a specific lender.

Design and Distribution Obligations will be in place from 5 October 2021, and brokers play an important role here as distributors. Lenders will be reviewing consumer credit distribution strategies, and Dentons expects to see product consolidation.

For asset finance introducers, Dentons’ David Carter discussed the importance of understanding the definitions under best interest duty. While it does not apply yet to asset finance intermediaries who do not handle mortgages, responsible lending obligation changes in late 2020 indicate Best Interest Duty will be extended to all consumer finance brokers.

Watch David discuss the key regulatory take-outs.

Bx: the people who can make or break your business future

Lisa MacCallum, founder of Inspired Companies and co-author of Inspired Inc, says “businesses who have the world onside have a competitive advantage.” She described a power shift towards “the new CEOs”: customers, employees and outsiders.

“This (strategy) is available to all businesses, if you’re paying attention,” she said. “People are watching us more closely than ever, and they have higher expectations.”

Through the power of social media, customers and employees have an amplified voice – and can be powerful advocates for your business. With 92% of customers checking online reviews before making a purchase decision, the stakes are high. Outsiders include the media, investors and regulators. “They can make red tape, or cut it. Point fingers, or lend a hand when you need them,” said Lisa.  

Some companies are able to move fast and get it right. They have an inspired mission that is bigger than profit, and authentic values that inspire the right actions. And where they invest matters – in long term value for the greater good.

“This power shift has already happened, and there is no going back,” said Lisa. “The future belongs to companies that stand for big ideas. And then show up in ways that keep their stakeholders on side.” That’s the simple (yet challenging) key to future business success.

Wrapping up the event, Pepper Money CEO Mario Rehayem said Pepper is fixated on removing any barriers for brokers and introducers, so they can get more deals done – whether that’s for a car, caravan or a home. “Our number one objective is to make your life easier, and your customers’ lives easier,” he said.

In 2021 Pepper celebrates a milestone – we’re bringing 21 years of knowledge and capabilities to implement a number of changes to create more seamless experiences, and to help more people succeed.