Financial service brokers and agents are met with a ton of unique challenges. Fortunately, many useful tools out there provide many valuable features for brokers. Brokers must choose the right provider of these tools and enable them to be as efficient as possible.   

Tools for Brokers 

Electronic Signatures

More than ever before, customers are expecting a digital experience, and agents and brokers have had to adapt. Electronic signatures are an amazing feature that provides brokers with another way to provide a seamless digital experience. Brokers that do not embrace electronic signatures are not embracing customer expectations, and they will likely struggle to stand out from the competition. 

Not only do electronic signatures meet changing customer expectations, but they also provide many useful benefits for financial services brokers. Electronic signatures allow brokers to reduce the physical paperwork they need to exchange back and forth with clients. This closes deals faster and enables brokers to work with more clients rather than sorting through paperwork. 

Clients also benefit from being able to sign documents from anywhere they want to. Electronic signatures are secure and provide peace of mind for both clients and brokers. More than ever, fraudsters are trying to take advantage of any breaches in security, and electronic signatures can be constantly updated with the best security. Additionally, brokers can spend more time focusing on their clients rather than sorting through physical signatures on many documents

Digital Document Collection

Financial service brokers and agents need to collect a wide range of essential documents to complete a sale. Some of these documents will need to be collected from customers themselves, and others may need to be collected from third parties such as banks. For decades, brokers have had to collect these documents physically, but now they can collect them digitally. 

Digital document collection allows brokers to dramatically increase their efficiency without manually sorting through a mountain of documents. This enables brokers to spend more time assisting their customers with any questions. Additionally, digital documents can be quickly cataloged and analyzed throughout the application process, ensuring transparency with clients and reducing human errors. 

Another benefit of digital document collection is that it allows brokers to adapt to financial regulations more easily. Regulations can vary depending on the local jurisdiction, and brokers need to be able to collect the proper documents. Brokers can easily customize their document collection process with digital-based tools

Data Collection

Digital data collection is another game changer that allows brokers to stand out and provide an unprecedented customer experience. Collecting customer data automatically empowers brokers to create a customized sales experience, resulting in more conversions. Brokers can also cut down on spending time on low-quality leads by collecting and analyzing data to focus only on high-quality leads. 

Fraud is another huge challenge that brokers must face. Robust data collection and analysis enable brokers to implement proactive fraud prevention. Additionally, brokers can use this data to conduct risk assessments, which are often an integral part of financial services. 

Brokers can also improve their services and adjust based on their collected data. Such adjustments can enable brokers and agents to remain ahead of the competition constantly. Like other tools, such as electronic signatures, digital data collection saves brokers much time compared to collecting and analyzing data by hand

Online Applications

Unsurprisingly, customers want to access online applications more than ever, and brokers must adapt to meet this expectation. Digital applications are an awesome method for brokers to begin collecting customer data. As mentioned before, this data can empower brokers to focus only on the most qualified leads. 

These applications can also be adjusted so customers can provide the necessary information to meet financial regulations. Brokers can also conduct verification with these digital applications and provide potential clients with clear instructions or information regarding regulations. Applications collected online allow brokers to submit required documentation quickly and on time without worrying about physical copies. 

Brokers need to be able to customize their applications to meet specific regulation requirements or the needs of a particular financial service. Applications also need to provide customers with a unique experience that is the most positive and efficient. The onboarding process is a huge source of friction with financial services, and brokers can cut down on this with innovative online applications

Consolidate Your Tools with

Tools like digital document collection, electronic signatures, data collection, and online applications are beneficial for brokers and agents. Unfortunately, many services only offer one of these services for brokers, requiring brokers to pay multiple companies to build out their customer onboarding toolset. This is where we at Under step in to provide your brokers and against with all the tools they need to succeed. 

We provide easy-to-use and customizable online applications that customers can easily fill out without having to sort through complex applications. Our applications allow brokers to clearly communicate with customers what information they need to provide. Additionally, we have numerous verification tools, such as multi-factor authentication, KYC, and KYB, allowing brokers to easily verify customers and filter out fraudsters. 

We provide excellent electronic signature options that save you and your customers time. Our solutions meet the highest standards of security, allowing you to keep your system secure from fraudsters and avoid costly fines for failing to meet compliance regulations. Many electronic signature providers have limited functionality when it comes to document editing, but with Under, it is incredibly straightforward to edit applications as needed. 

Digital document and data collection is also essential for brokers. At Under, we strive to make it easier than ever to collect this information. Under provides numerous integrations, allowing you to develop the best data collection process for you and your clients. Another added benefit of Under is that we offer our customers a wide range of security features to allow brokers to collect documents and data from our customers comfortably.

Our system allows you to see and fine-tune all points of the customer onboarding process. It is designed to be an end-to-end system that enables brokers to focus on their clients rather than the routine complexities of customer onboarding. Click here to learn more about our plans and how they can help your agents and brokers. 

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