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[COMMENT] Non-bank sector growth is an opportunity for advisers: Prospa

Prospa New Zealand general manager Adrienne Church outlines some of the opportunities for mortgage advisers in 2020.

Wednesday, January 8th 2020, 9:43AM

Adrienne Church

A new report from KPMG on the non-bank financial sector has highlighted the opportunities for fintechs in 2020, suggesting New Zealand is an ideal environment for disruptors like small business lender Prospa.

Adrienne Church, general manager of Prospa in New Zealand, said that advisers should take note of the sector’s strong growth, outlined in the report, and consider opportunities to partner with non-bank and alternative lenders in the New Year.

The small business lender currently has over 10,000 partners across Australia and New Zealand, and Church said the report demonstrates the need for the adviser community to educate themselves on different funding options now in market.

Church added: “2020 will be an exciting opportunity not just for fintech in New Zealand, but for the advisers that partner with them. With banks tightening credit conditions, it’s important advisers are aware of the alternative funding options available, particularly for small business clients. The demand we’ve seen since expanding to New Zealand reinforces this – we’ve delivered NZ$24 million in loans as at June 30 and recently established a $45 million NZ funding facility to help us support an increasing number of small businesses.

“It’s always been hard for SMEs to access the capital they need from traditional lenders and it’s not getting any easier. The alternative lending sector is still in its infancy in New Zealand, and advisers are really important for driving awareness and consideration. We estimate the small business lending opportunity in New Zealand is around $4 billion annally. With more than 500,000 SMEs across the country, we haven’t even scratched the surface.”

Church added that expectations around speed, service, choice and transparency are changing.

“The companies that will succeed in 2020 are those that put the customer experience at the heart of everything they do, and balance strong governance with innovation. Our proprietary technology looks at over 450 data points to assess the credit quality of a business. This enables us to make a fast, informed decision and say yes more often to businesses that haven’t had success with the banks or traditional lenders. Looking at 2019 trends and the changing environment in 2020, I think it will be more crucial than ever that advisers understand the opportunity in fintech partnerships and the role we play in improving access to finance.”

Tags: Adrienne Church fintech Prospa

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.55 3.85 4.49
ANZ Special - 3.05 3.35 3.99
ASB Bank 4.45 3.55 3.89 3.99
ASB Bank Special - 3.05 3.39 3.69
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 3.09 3.35 3.69
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.75 4.10 4.55
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.15 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.95 3.09 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.94 4.08 4.39
Kiwibank 4.40 3.84 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 3.09 3.39 3.65
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 ▼4.09 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 3.09 3.39 3.69
The Co-operative Bank - Owner Occ 4.40 3.25 3.45 3.69
The Co-operative Bank - Standard 4.40 3.75 3.85 4.19
Lender Flt 1yr 2yr 3yr
TSB Bank 5.34 3.89 4.15 4.49
TSB Special 4.54 3.09 3.35 3.69
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 3.09 3.39 3.69
Median 4.60 3.65 3.89 3.99

Last updated: 31 March 2020 8:55am

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