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Knowledge Bank™ is a completely new concept! Imagine a world in which there were no product sourcing systems...and you had to ring round each lender, hold on the phone, navigate pages on their websites to try and find out what products were being offered.....and now imagine that you DIDN'T have to do that to find out what each Lender's Criteria was!
At this present moment in time....every single piece of published criteria by the Lenders is on there along with a lot of "unpublished" criteria too. When Knowledge Bank™ was launched, it was envisaged that Brokers would have somewhere to "bank" their "knowledge" and share it to speed up the process of placing cases, therefore saving time and earning more money. We have found that brokers "expect" the information to be there but don't always have the time to input it themselves. Therefore, we have approached Lenders and had such a fantastic response, that Lenders are now approaching us to go on there and keep their own criteria up to date. Many are using the quieter time at back end of the year to complete their criteria so you will see this increase from the almost 8,000 different pieces of criteria information that are on there currently. There are also press releases planned from Lenders who are supporting this and wanting to work with our team here at Knowledge Bank™ to make the working day for Intermediaries that bit easier!
With regards to a charge after the initial trial period, I'm sure you will appreciate that the cost to build, host, curate, update, improve, etc. the system isn't free! But, at what works out at just 71p per day to the user, and with no contract, tie-ins, credits or restrictions, people have told us that they have saved money in the time they've been able to place cases by having all of the information that's currently out there held in one easily accessible place.
And what you are seeing now is a fraction of what the system will be....we are working on a lot of exciting new features to make it even easier still to get to the information you need quicker.
We're just trying to make things better for Brokers, so that they can spend more time seeing clients and increasing their earning potential. What you are seeing today isn't the finished product....but we didn't want to wait when what we have already is a big step in the right direction!
We are keen to hear thoughts and suggestions from both Brokers and Lenders so please do email our team on info@compass-systems.uk with absolutely anything!
