Commercial finance brokers raise concerns about lender ‘over-use’ of technology

During a roundtable hosted by YBS Commercial at the National Association of Commercial Finance Brokers (NACFB) headquarters, brokers discussed what lenders could do to support them more. 

The attendees said the use of automation in an effort to improve processes did not always help because commercial cases were more complex. They said human interaction in the form of business development teams and relationship directors was still necessary to assist with any queries. The brokers said this was beneficial across the whole application journey. 

The event was attended by YBS’ broker partners and Norman Chambers, managing director of the NACFB. 

Balancing technological use

Tom Simpson (pictured), managing director for YBS Commercial Mortgages, who hosted the event, said: “It seems clear that brokers really value commercial lenders that can balance the use of technology with high levels of personal customer service.  

“That’s why we’ve embraced technology, using it to do the heavy-lifting – in term of things like making our application journey smoother through our broker portal – but understanding that it doesn’t – and shouldn’t – be relied on to do everything. It doesn’t replace brokers’ ability to talk to a dedicated contact to help shape and structure their deals, nor should it be used to provide a hard ‘no’ at the start of the process, without obtaining human understanding of the details.”  

He added: “Brokers are looking for commercial lenders to deliver on our promises – to agree and stick to the terms of a deal. Building personal relationships out there on the front line and using these to enhance customer journeys, is even more essential than facilitating technology when it comes to delivering on these promises and achieving positive outcomes for borrowers.” 

Also attending was Kevin Thomson, sales director at Connect for Intermediaries.  

He said: “It’s important that lenders like YBS Commercial maintain their current service levels by maintaining human connections. There is a place for digitisation, but not at the expense of relationships.”