A well-respected player in the Australian mortgage space, the company specialises in delivering comprehensive mortgage processing and administration services via innovative technology solutions. The company is owned and backed by a Fortune 500 company.
The Challenge
The industry-wide processes for validating mortgage broker accreditations were time-consuming. The company sensed the potential to introduce a broker aggregator marketplace solution to improve validation and generate revenue for the business. However, the company did not want to invest in the solution without gauging its desirability, viability and feasibility. They needed to know whether there was support among brokers, aggregators, lenders and professional bodies for a formalised accreditation process via a centralised solution that securely captures, stores and automates the process of accreditation data.
The Solution
Recognising that PhoenixDX offers a unique skill set that spans UX research, technology and business analysis, the company enlisted our help with a research and discovery engagement. Specifically, they wanted to develop and test a value proposition for a proposed broker aggregator marketplace solution. The project sought a better understanding of the broker accreditation process, industry needs and best practices. Multi-faceted strategies – including customer and stakeholder interviews, market research, competitor analysis, business model canvassing, customer journey mapping and financial analysis – were employed to inform and validate the company’s idea, with a detailed report positioning them to build a strong business case for a broker aggregator marketplace solution.
Results
- Identified common goals, key pain points and recommendations about broker accreditation practices.
- Documented broad support among the stakeholders - brokers, aggregators, lenders and professional bodies - for a centralised broker accreditation solution, including willingness to pay to reduce friction.
- Demystified assumptions and aligned proposed solutions with specific needs and requirements for the broker accreditation process.
- Tested a value proposition whereby the company would provide an automated and streamlined service that includes self-service registration, visibility of the broker accreditation process, secure login, document storage, a unified broker ID code and a customisable digital application workspace.
- Identified cost structures, revenue streams and return on investment options for the proposed marketplace, strengthening the business case.
- UX Desirability
- Business Viability
- Technological Feasibility
