Pisces sees further evidence of re-emergence of non-bank lenders

In the 2 years since the GFC hit the financial market, which made funding inaccessible and the non-majors uncompetitive, there has been a dramatic shift in the use of technology by advisers, especially in how they connect to lenders.

In yet another indication that the smaller and non-bank lenders are starting to re-enter the market, many have started to look at being enabled on the various industry electronic lodgement platforms to gain access to brokers who use these platforms.

Pisces Group, provider of the Pisces ‘Lodgement’ (formally e-app) platform has seen this rise in lenders accepting technology to streamline processes. Shahin Afarin, Client Services Manager for Pisces observed “we have had 2 new lenders signing up for the platform (Lodgement) in May alone”.

Most major lenders have now mandated the use of Lodgement software in an attempt to create efficiency in their back office as their volumes swelled. Lodgement providers like Pisces have seen over 100% growth in application submission over this period, now processing billions of dollars worth of home loans every month.

For the smaller lenders who are now starting to see their product offering becoming competitive, they enter a market where the adoption and acceptance of software by advisers has moved dramatically and in some cases there exists a situation where if the broker can’t lodge electronically if affects their decision to use the lender.

In April 2010 Pisces re-launched its “Lite” pricing enabling smaller lenders to get deployed on its various platforms and has received an immediate response from some lenders who are working with Aggregators which use their platform.

“We see this as the clearest indicator yet that these lenders are starting to see conditions right to re-enter the market and invest in the systems required to be competitive from a service perspective”, commented General Manager, Vincent Turner.

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