We are currently conducting a ‘fly on the wall’ screen sharing observation study via Microsoft Teams.

The research team monitors brokers and admins going through the motions of selecting a product(s) while gaining valuable insights on some of the following steps in the process:

  • Product and policy research
  • Requirements and objectives
  • Pricing requests
  • Serviceability calculators
  • Product comparison report and products considered

This research piece is still in the early phase, but initial pain points identified so far are as follows:

  • Product filters not working as expected by the user
  • Double data entry (especially for split loans)
  • Manual work calculating and entering discounts on standard variable products
  • Lender serviceability calculators not reflecting FLEX serviceability calculators
  • The time it takes to compare lenders and products and then select the chosen product
  • Back and forth between lenders portals, rate cards, FLEX and AFG Lenders

Please watch this space for Product Selection research results as well as a prototype coming soon.

We would love to hear your pain points on your current Product Selection process.

We encourage the Research panel to be open and honest and share their thoughts and insights.

What do you think would help improve the product selection process?

Please comment below with your feedback!

Here is a sneak peak of our current design ideas of the new filtering and product selection feature.

Please note: This is an early prototype and subject to change” with this screenshot:

Product Selection

2 Comments

  • Avatar Linda Brnjich says:

    From Mark (admin to Linda / Broker) :

    I don’t think “product selection” is the issue (as a topic), it’s about specific scenario metrics that allow you to select the best product. There is so much data in the Flex system that is not easily portrayed through the current interface for better selection. What I mean is… from this page example, I see your query on this page is about “design” and layout I guess, but it should be about “how can we get all that ‘unqualified’ data in Flex system in front of the Broker”.

    Currently, you need to output the real Flex data to Excel and view the information stored in Excel. That’s the current failing. There is so much info in there that can help a broker’s/customer decision, but Flex doesn’t have the options to allow extraction within the interface. The layout doesn’t matter so much as most people know how to choose the sort column from lowest – Fixed or Variable rate. What we need is more “Features” in the selection process. In 15 years there have only been a few real situations that the “Features” list has helped select a product (for us). In other words, all loans have most of the “Features”, as the current Feature list is pretty basic. Eg. Loan has “Redraw”… woohoo! Which loans don’t? on and on it goes.

    We need features that show which loans (and Bank therefore) will handle “a 40 sqm apartment, with open bedroom to lounge arrangement”… or for a modern take on life… “which bank will handle someone accessing their ‘early Super’ ($10,000) due to 2020 circumstances”… quiz? who will? Bank Australia… but the Flex system will not help in this situation? Sure, difficulty level – HIGH! – but as said, there are so many data fields in the system, that perhaps do not get checked-off and qualified by Bank BDM’s so AFG (I assume) have never put them into the search criteria? But, they are there and they are certainly of a suitable accuracy – that may just need more than software updates but a person responsible, like the “Assessment Rate” calculations person. The whole system (on a bad day) is worthless – if it doesn’t keep us up to date with the majority of Bank policy changes and decisions. The Excel output (which I understand is derived from Flex anyway) is wrong that you don’t expose these finer points in the Flex system?

    There are to be so many more “Best Interest Dury” situations in the future for Brokers, that it has to be a priority to get all and everything into the search fields for a Broker to find the “best” (whatever that means on the day) product! The current list is too basic for actual helping in the process. It relies in my experiences, admin teams doing the rounds with Bank BDM’s to find the answers and report back to the Broker, to do an old school assessment (manually considering the options) to present several best to the client. I could be wrong? Please inform me – other Admins – on how we can better use Flex if the above is incorrect?
    :-}

    The way to achieve a more detailed features list is to normalise a list of criteria – such as “sqm” of property, and then divide all inputs into common fields so that you can ask the broker what they’re searching for then, allow the data to be split up into those items (by the BDM’s? or AFG?). The result will be real fine tuned seaching of options. The alternative would be just include a random “search” field in the standard filters to go through the data (as we do with Excel when trying to find key items using the “Find” function across the work-book). This will allow an easy extenstion into the hidden data. You could have a cascading “If X then Y” type of query that allows more complex searching of the pure data, whilst returning more relevant lists?

  • Jenna Byrne Jenna Byrne says:

    Hi Mark, thanks again for reaching out! It was lovely chatting with you today.

    Wonderful feedback on this feature, which we are currently analysing for our upcoming Product Selection prototype.
    Please watch this space and we will be in touch for a sneak peak!

    Jenna

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