MoneyQuest’s bespoke tech platform optimises customer retention

By Sarah Stowe | 03 Aug 2021 View comments

MoneyQuest’s significant tech investment to improve its franchisees’ bottom lines has been given the thumbs up by Michael Russell, managing director of the boutique brokerage.  

It took four years of development, and now one year after roll out, Russell believes there is plenty to celebrate.

“We are thrilled to share that after 12 months in operation, MoneyQuest’s fully automated, client  communications system is a complete success. It has more than proven its worth, with thousands of clients  responding to the automated emails each month, highlighting the technology’s capacity to trigger repeat  business opportunities and facilitate client retention,” said Russell.

“Other CRMs feature similar architecture, but require brokers to curate their own content and manually  schedule its distribution. The magic of our program is that every client, no matter which MoneyQuest broker they see across the country, receives the same ‘life of loan’ communications experience from their broker,” he added.

MoneyQuest’s enterprise-wide Salesforce marketing platform is founded on the premise that approximately 75 per cent of a client’s lifetime value remains untapped after their first loan settles.

It’s a contrarian move for the boutique brokerage which is taking a different approach to the industry trend of developing fintech that enhances the loan application to settlement experience.

The platform is designed to capture a customer’s potential lifetime value using consistent, customised digital communications – the customer journey – to maximise opportunities for repeat and referral business conversions.

A 2017 Salesforce customer success survey revealed that customers who successfully implemented a fully automated CRM solution, similar to MoneyQuest’s model, experienced average revenue increases of 50 per cent, increased customer retention 60 per cent, lifted ROI 50 per cent and boosted overall customer satisfaction 71 per cent.

MoneyQuest has these targets in its sights but is not yet able to provide updates on performance.

However, business boosts have been reported by franchisees such as Glen Waverley franchisee Nizar Hamid, who has praised the client contact platform. 

“A customer journey email prompted one of my ex-clients to reach out. He asked if I could help him secure lower rates on his existing loans, which totalled approximately $1.8 million dollars. I sent through a proposal,  and he eventually refinanced all of his loans through me.

“The very next day, his colleague requested that I also assist him with refinancing $800,000 worth of his loans. One personalised automated email proved to be very  powerful, generating $2.6 million dollars’ worth of business,” Hamid revealed.