As with any profession, a credit intermediary faces specific challenges in order to be successful. In this article, we address five aspects and indicate how they can be overcome.
5 Challenges that credit intermediaries must overcome
1. Economic situation
In an unstable economy, which conveys less confidence, it is normal for there to be less ease of access to credit. However, it is up to the credit intermediary to be able, even in this scenario, to help find the best opportunities for your customers.
To do this, it is necessary to keep up to date with financial developments in the credit markets and, above all, up to date with the products offered by different institutions.
Only in this way will you be able to offer the best solutions to your customers and allow them to face reality in a more safe way.
2. Increased competition
One of the great challenges that any credit intermediary faces is the increase in competition. According to data from Banco de Portugal, the number of intermediaries continues to grow in our country. There are currently around 6000 registered entities.
This number increases almost in direct relation to the closure of branches of some banking institutions. This situation ends up attracting many professionals accustomed to working with these products and who find in intermediation a career opportunity.
This trend means that there is an increasingly competitive market, in which it is necessary and essential to have the ability to stand out.
3. Service level and quality
In a very competitive market, there is a growing need to improve the level and quality of service. Furthermore, the customers’ own requirement and knowledge about the credit intermediary’s activity has been increasing.
Therefore, it is increasingly necessary to invest in a very personalized monitoring service that allows the customer to understand the advantages< /strong> to choose that network or professional.
More than ever, consumers look for credit intermediaries as a way to save. Furthermore, it also requires proposals that are in line with your real needs and financial possibilities.
Providing a quality service is something that will certainly distinguish a credit intermediary from the competition. It will also allow you to become more attractive to potential customers who need credit to purchase casa, one of the most sought after products by the Portuguese.
4. Create trusting relationships
Another challenge for a credit intermediary is being able to establish itself in the market and maintain a credit portfolio customers stable and, above all, satisfied.
By providing a high quality service, a credit intermediary will be able to create relationships of trust with its customers. This feeling will allow them to loyalty they will be able to use the service again when they need new credit. Furthermore, a good service always ends up being recommended to family and friends. Word of mouth advertising is always welcome!
5. Increase financial literacy
Finally, another of the biggest challenges for a credit intermediary is the high degree of financial illiteracy existing in Portugal.
2020 data from European Central Bank  ;put the Portuguese in last place in terms of literacy financial, among the 19 countries in the Euro Zone .
Therefore, a credit intermediary has to find ways to simplify more technical language which not all customers are used to. For example, you should make a greater effort to explain the reasons why a certain credit option is better than another.
It is important that these professionals are prepared to answer all types of questions. All this without showing signs of frustration. Have a glossary with the most common terms and the Your explanation in simpler language may help.
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Whether in credit intermediation, property construction, real estate mediation, insurance< /b> or works, the DECISIONS & SOLUTIONS is able to help you find the best solutions for you.
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Decisions and Solutions – Credit Intermediaries, Lda, registered with the Bank of Portugal, as a Linked Credit Intermediary, under no. 926, verifiable at www.bportugal.pt/intermediarios -credito is a mediator registered with the ASF, since 29 September 2009, with the category of Insurance Agent, under no. 409311648/3, with authorization for Life and Non-Life, verifiable at www.asf.com.pt. The insurance intermediary does not assume risk coverage. Decisions and Solutions – Mediação Imobiliária, Lda, holder of AMI License No. 9300 issued by IMPIC, I.P.
