A new era in technology has begun with the launch of a world first web application which promises to revolutionise the way finance brokers manage industry needs including applying for membership and managing renewals, credit and bankruptcy checks, insurance and ombudsmen requirements plus education and training.

The App, which is now live and available globally, removes a substantial administrative task for both staff and member associations with a strategy to offer the technology to member-based organisations around the world over the next few months.

Finance Brokers Association of Australia (FBAA) managing director Peter White said the App provides instant membership approval for both new memberships and renewals, a capability that revolutionises the process.

“As long as all criteria has been met the App takes care of the rest allowing all membership requirements to be driven while the prospective member is keying in the data.

“It also means membership certificates are dispatched in real-time via email so that once the data is in, the membership certificate is in their inbox.”

Mr White said at the heart of the new App was artificial intelligence and optical character recognition technology which increases the capabilities and functionalities as it grows and learns from inputs.

“This impacts the industry as a whole because massive data analytics capabilities actually help drive the future of the business through greater understanding of its membership composition, member needs and specialisation learnings.”

The new technology also helps users to manage and monitor industry requirements and user needs all year round including tracking protection and indemnity insurance issues and compulsory professional development needs.

“The App triggers key dates in the system so when it comes time to renew all you do is click ‘yes’ and the system either runs automatic payments or generates payment at the time of acceptance without headaches or clumsy requirements and more forms.”

The benefits extend past members to aggregators who can use the technology for the on boarding process as it enables them to complete the broker’s association membership component on the spot, enabling the broker and aggregator to complete the needs of the lender and their own needs without the usual one to two week delay or longer in some cases.

IT workers are already developing version two of the new application which will further streamline the system and generate profitability and efficiencies to stakeholders.