At NCI, getting to know and understand our client’s customer is our main goal. After all, our field agency service was created for this exact reason, to meet face to face with those customers our clients cannot reach.
For many, these loans are second nature and their ability to repay is clear. Yet, the fundamental need to understand the customer, their experience and plans for the project will always be necessary. Ultimately, the security isn’t the most relevant part of a loan application if their plan is concrete and their experience is clear to see.
It is normal for our agents to be able to gauge within a few minutes of meeting with the customer what level of experience they have and if the proposed plan is sound. Our agents will discuss the purpose of the loan in detail, confirm their exit strategy and their stake in the transaction. Engaging with the customer like this makes it clear what level of risk to the client the customer’s ability to repay might be.
Referring to an article written by Scott Marshall, Roma Finance…
‘He states that with there being many specialist lenders in the unregulated bridging space (who lend on a wide variety of credit profiles) this opens the door to business opportunities that usually wouldn’t be served by mainstream lenders. With this being more and more widely available, it highlights the need to be more prudent, by checking what previous issues the customer may have had and the current state of their financial position. Focussing specifically on the liquidity of their business if applicable to the specific customer.’
With our clients becoming more vigilant this in turn makes our business all the more important and sought after. You can’t put a price on due diligence or the prevention of fraud. With that in mind, instructing NCI to do the necessary checks is a cost that our client alongside their customer are more than happy to pay for to get ever closer to the most equal of protection.
At the end of the day, the customer is the most important person in this whole equation and getting to know them further to ensure they understand the loan they are taking out can’t be a bad thing.
To read more and find out Scott Marshall’s full take on this topic, follow this LINK and delve a little deeper into how remembering the importance of in-depth customer knowledge can only help not hinder your business.