[00:00] Hi and welcome to Broker Tools, where we unpack the tools, systems, and strategies that help brokers optimize the way they work. I'm Katie, your host, and today we are going to discuss how to outsource your credit analysis work. Joining me for this conversation is Depica from Prew Works, an agency that specializes in placing highly skilled credit analysts into broker businesses. Pru Works is your go-to partner if you want to scale sustainably, freeing up your time to focus on clients and strategy. They know the pressure points, workload spikes in Australia, lend lender nuances, making it easy to place an analyst into your existing workflow. Depa, welcome to the pod. >> Thank you so much for having and uh I'm really looking forward to the conversation. >> Me too. First, I think we should do a little shout out to Prateig who um obviously connected us. >> He's amazing. I'm so proud that I have been working with him uh for you know a good part of this year and the amazing
[01:04] growth that he's having. I just feel so super proud. >> I do too. So I met him when he was like I call a month old broker. I mean obviously he came from a background of banking but this is the journey that brokers go on. They may have done something in a similar industry and then they're going out on their own and then they need to find like a back off tip for this team. For someone like Pratique to be kicking goals, the amount of goals that he was kicking after a month of beginning his business, I was just like so proud of you, dude. [laughter] And then I'm sure like Prew Works obviously came in soon after that. I from my understanding and was a big part of that journey. Some of the things that people are would love to know I guess generally speaking is is it India that you mainly find your credit analysis team from? >> Absolutely. So um to give a bit of background our core team operates from two offices in India and we have a satellite office in Bella Vista Sydney
[02:08] because that's where I operate from but that's more for business development and training purposes but I'm really proud of my two offices in India because they are fully secure professional environments on site with state-of-art security and two of my uh partners ers in India who are the part of the leadership team and my managers. It's like a fully corporate structure out there. Uh you have to just see it to believe it. Uh but um that's where my team operates from and super proud of the work that they are doing. >> So when a team member is on boarded, they're actually working from a dedicated tower. They're not working from their home. >> Yes. Because that's a very very integral part of our onboarding. Um because whether somebody is a fresher, whether somebody has bit of industry experience, we like to have our own training given to them because we have a very different sort of style processes that the way we train our people. They have to go
[03:10] through those standards, those trainings. >> And I guess this is one of those key things that we were interested in about and I guess most brokers are concerned about is the data safety and security as a process. And so by having them in building that's like one level of ensuring data and safety. What other ways do you protect client data? >> So data security is honestly an area which we try to differentiate ourselves. That's one of our USPS so as to say that we call because we operate from a strictly secured environment. All work happens on site with supervision and when it comes to security we don't really like to cut corners. So whether it's physical security with two of our management team physically on site supervising everything our managers and team leaders who have been given their own set of parameters to look for. So staff is not allowed to carry their personal devices inside. So we have a very you fingerprint access kind of a system. So even if I go back to my
[04:13] office in India, I have to scan my fingerprint to enter inside the premises. So all the devices which are inside the premises they can't go out. So there is no um way some data can go out of those premises. So obviously um that's the physical part of the security. Um we have 24x7 security guard surveillance. Even sitting here I can have the feed of every corner of my office seeing what is happening 24x7. Now sometimes people say it's a bit overboard but coming from an IT background myself because um my initial education was in computer engineering I know how much of data security can affect the business operations not just ours but for our clients as well and in data security more is always less because whatever we do somebody is just trying to do one step above and that's why we have regular audits we are ISO certified Right. So we have a physical layer of security. We have a digital
[05:17] layer of security where we have all those antiviruses, firewalls. We have a big setup of IT which is there. Plus we have regular IT audits. So we have a clean desk policy. Nobody can save anything on their desktops. We have regular audits. That's something which we really invest our money and energy in because we feel that cannot be compromised at all. >> No. And especially in the age of AI and I was talking to another colleague of mine who does threat management in Philippines like people get out their phones and take screenshots and by having those phones in a box somewhere you know that nothing is actually being able to be captured and or uh released from your client's point of view. now gets to I think is probably more the fun part because now that we know that your place is safe and secure. Um I think it would be good to uh I guess talk about how you go about finding your VAS. >> First of all, you know, good that you asked that because that's something which I'm incredibly proud of. In fact, today only I did a LinkedIn post about
[06:20] my new campus patch joined yesterday and we love to do homegrown talent. Now I'm not saying all of our people are campus hired which we have trained uh ourselves. There have been a few people who we hire from banks who have credit experience not exactly mortgage broking related but general financial credit experience. Now all of our people have double degrees. So for example they would be you know bachelors of commerce then with an MBA in finance or something like that. But still we have a very very rigorous 2 months minimum training program for experienced people. For freshers it's 6 months. So very rigorous training program where we train them on broker processes. But more important than that and that's where we do things a bit differently. The first thing which I train them on in what does being a broker feel like because only then they will empathize with what their broker is doing whom [clears throat] they are working for. What kind of pressures they are dealing with? How does Australian
[07:23] broking industry works? What are the privacy regulations? What are the things they need to be aware of? How does a homeowner feels when their settlement gets delayed? somebody's living on rent and they they are really waiting for that construction progress payment to go. So I make them feel that you are doing an important work. You are not just you know entering data sitting somewhere remotely. So the first thing which I train them is forget about skills first let's get the attitude right first let's understand what we are doing where we come in the broader part of the picture and that's something I'm very passionate about because I feel that my clients work when they progress I take it as a personal progress if there is a roadblock they are facing I'm equally anxious I'm not saying it's a good thing sometimes actually it's not but I like to do that and have the same kind of empathy built in my team because they feel it's an extension of them. >> Yes. And I guess this is kind of what we
[08:25] were talking about before we started the pod which is about mental health and wellbeing and even though you as an individual have mental health and well-being, brokers are under this extraordinary amount of pressure and then their clients are also having expectations of them and in a way you're doing what we call I I guess thinking in all the lenses. So you as a person will have pressure to deliver but unless you understood what the pressure of the others are experiencing. Um it really does change when it comes to hiring people within your team you actually put them through a rigorous training. It's actually your own university for lack of a better word. When it comes to those things are you able to maybe explain a little bit more of the framework and the training that everybody goes through because I think sometimes that's really helpful to see. >> Yeah. So as I said first we tell them about the general industry they operate in after that we come on various compliance regulations that the industry is required to follow. So for example privacy best interest duty so that these
[09:30] words are not alien to them. So first whole week is around that. So we have structured it in our own training videos. Earlier we used to have trainers here in Sydney but now we have actually developed that capability there. So we have uh trainers over there who take these sessions and of course I jump in uh in the beginning and on on a basis of every day we have a doubt resolution sessions as well because we have recorded videos we have recorded modules for them but wherever they are having doubts we have a one hour out evening and then in the next two weeks they proceed to actually do the understanding of how financial documents look like in Australia. So for example, how does a paylip look like? How does an ITR or NOA look like? And uh that's where they get familiarized with various what we call terms and terminal documents. So that's the next two weeks. After that we actually give them something which we called dummy opportunities. So we give
[10:35] them scenarios and we give them a you know training CRM access where they have to actually fill data. The best part is it's not that we are just training training training. At every step there is an assessment. It's a very time inensive. It's a very resource intensive thing because obviously then we have to invest in resources who will be doing these things. But we are really proud that we are doing it the right way because that's the way these people understand what are the not at the end of two months. Every week there is an assessment so they know where they stand. We know where their problem areas are and then we do specializ. So that's how then we train them on CRM. We train them on apply online lines and we do have regular trainings um you know sometimes on Saturdays where they don't work for any brokers. All they do is they come together and they discuss what is the latest for you know what is the
[11:37] various interest rate cuts how does it impact their various client files and everything. So sometimes my brokers say that they are more wellversed with policies than even them because you know they are doing it on such a regular methodical basis on Saturdays [laughter] >> which is nice. when we were talking about this, when you love what you do and you kind of get obsessed and you're in you just enjoy I like nerding out on different things. I have yet to find the heart to nerd out on lender policies, but [clears throat] I love AI and and technology and automations and so I'm going to stay there. [laughter] But I guess this is the gift of the services that you you know of what you're providing. you're providing people who will actually love this type of stuff, will nerd out on it on a weekend on their own time um because they really enjoy this type of work. And when it comes to CRM, because I guess some of the things that um brokers have brought up as concerns for me is like how much training do they have to do? Like I know you've just said that
[12:39] they've come with some training, but you know, brokers each obviously have their own style and um CRM and different systems like that. So how do you manage all those nuances? The way I see it is that first and the foremost important thing is knowledge of credit what you because at the end of the day whether you know any CRM ultimately the deal has to go through apply online or loan app and reach the most important thing for the person who is doing the application is to know what's the income to be taken what's the liability to be taken how do I deal with the living expenses how are these things impacting the client's credit looking from the file from a credit assessor angle. That's how we train them and we feel that's the most difficult and important part. Once they know it that how the file should be treated, how are the things where they have to look for things in for example bank statements, paylips or ITRs to identify the right product structure for
[13:43] their client. Once they have done that then CRM becomes actually the easier part I'll tell you because then it's more about data and whether it's broker engine or flex or mercury or you know infinity or sales tracker any of the CRM though now we have different trained people who actually give basic trainings on all these main CRM but once they know what they are doing then entering of that data and knowing what data to enter then It's all about finding out where to find it and then because apply online is same it becomes much more easier. I'm not saying that it's not required or it's not something which is a challenge. It is but this is how we give us 7 days and those seven days our person will themselves get trained on the CRM looking at their help videos and everything and for those seven days we'll not charge you anything that's on us. Oh, no. Perfect. Because I guess this means that you get to learn the system and understand it and make sure that it is the right system and and you
[14:46] take the seven days to do that at no extra charge. Um because it's in their best interest as well as yours to make sure that you can uh understand. Perfect. Which I guess in a way feeds into AI as a conversation. Are you adapting AI in some of the processes with the credit team? >> Yes. So uh very early stages for us but we are tying up with someone to develop in-house AI mechanisms which is a space to watch out for which we feel will help all the brokers that's something which we are active >> so it's not quite live yet but you're testing out the waters to make sure that any of those tools and systems if they are adapted in >> Yeah. How exciting. Um I was going to ask doubt sessions. >> Doubt clearing. Yeah, that's right. That's right. >> Because you realize that there are moments of doubt where you're like, have I done the right analysis? Have I done this right? How do you process all that? Because I guess again um obviously brokers are busy and obviously you'd want to go back to the broker, but
[15:49] sometimes they may not know and so having those sessions as a team also wanted to um address because again you want to work alongside the broker but time and energy is is a lot. So you have the support team inside to help with those questions. >> Absolutely. So in most of the places the way we operate is that for every person who is working there who is more experienced who is who has worked on more types of applications. So the way we work is you are absolutely right brokers are busy. If they are clearing their doubts with the broker then what are we doing and claiming that we are training our people. So we don't want to do that. Our mandate is very clear that if it is something very client specific for example client is having this liability which we can see in a maybe bank statement but it's not declared what do we do about it are they closing it or what's the plan for this now that's something only a broker can tell because they are in touch with the client and they are having that conversation but if it is something how
[16:52] do I do this in apply online or this is getting stuck in the CRM how do I handle this or how do I find the policy for this? All those things we manage. There are various escalations they are supposed to do. So first they are supposed to reach out their subject matter expert. If he or she is not able to help them, they reach out to team leader and then they reach out to the management and between all of us, we make sure that those >> I guess this is the key difference to having a freelance virtual assistant who works from home versus having someone who is within an organization like yours because um not only do you have those safety and security processes in place and rigorous training up front, sometimes when people try and compare the cost of hiring someone like a virtual assistant half your costs are are probably in what we call infrastructure as in building out these systems and teams to support them. >> Absolutely. That's absolutely right. Yeah. In fact, I always love to say that when you are taking a person, what you are getting is not you're just you're
[17:57] getting a hold. So if there is some issue with the person's let's say laptop, you know there are some people who are ready to jump. If there is if that person is sick, we also provide something called backup because we know people will fall sick. People will need leaves. We also don't want to like over pressure or overwhelm our people. We encourage them to take regular breaks. But then broker work should not suffer. So the way we work is we have a dedicated team what we call a backup. So the work of that backup team is that when let's say the person is sick or taking a leave this backup person because everything is there from office right we have the system we have everything. So it's just that instead of me I have the other person filling in and we tell the broker. Obviously it's with broker's um uh you know approval. Sometimes broker says look I'm not having that much of work so it's okay but sometimes they are drowning with work and somebody really falling sick I mean we can't do much about it but then the fact that somebody's ready to jump
[19:00] in they don't have to hire you know someone they don't have to do anything is like just somebody morning says hi this is me today I'll be helping you it really gives a lot of relief I have seen that that's one of the most important things which my brokers feel is the big helps in business continuity. >> Yes. And that that is the key thing because you don't lose a day by working with the team. You you can keep moving forward and hitting those goals. Is there anything else you love about Pro Works that brokers should know? >> Well, um what I love most about is some remarkable people I have worked. I mean people who I'm really grateful for because they are the people behind building this brand like I just had a vision. I had in mind what I had to build but then I can't do everything alone. I can't do anything. So to have these people trust in my vision and work alongside me and have that same amount of dedication, loyalty, I am eternally
[20:04] grateful for them and not a day goes by when I feel that this is what I love to build and I feel a responsibility towards them and that's what I really love that now it's not about me and to be honest it was never about it was all about building something together with people and giving them a platform to grow. So when I see them grow so some of our people we have actually given them double triple growth you know whether it's in terms of financials or it is in terms of the amount of the kind of work they are doing right now to be honest that's what I love seeing those people nurture into some remarkable industry people that just gives me so >> which is I guess the joy cuz we were obviously at the beginning talking about how proud we were of people are coming in at different stage ages and then you seeing their growth and your small contribution to that, however that might be, it just really does amplify why you do what you do. And I think it feeds that little ecosystem because if they're
[21:08] doing better than you can do better, then everybody's doing better. And I'm not sure I'm like spreading little little glitter dust over everybody. >> Absolutely. This is something which which I call that we can't grow in silos. I mean if we have to grow we have to go together our clients our employees we as a company and that's the ecosystem that's the family which I feel that I just love to see grow. >> If people wanted to learn more about prew works and or what you offer where should they go and what should they do? So they can go to our website and they can book a strategy session or they can just follow me on LinkedIn. I do a LinkedIn post every day about what I'm feeling, what I'm doing and there are links there. I just love interacting. Doesn't matter what stage of business you are in. Like I always say, you can talk to me whether we end up working together or not doesn't really matter. I have had clients who talked to me one year back when they were starting out in
[22:12] the industry and at that time they didn't really want to invest in an additional service and I do understand that it's your hard earned money and you want to grow but at the same time you have a cash flow to take care of but after one year they come back to me and say you know hey we are ready and I'm like wow that's amazing [laughter] so doesn't matter matter which you are in. I mean it's always good to talk always good to just discuss how we can grow >> and timing is just whatever that looks like in and of that moment and like you said at least connect on LinkedIn because then you can be at least up to date with what's happening in the space and know what's available. Thank you so much to Pika. It was great having this conversation with you. Again we will have some notes in the bottom of this conversation. So, if you do have comments, feel free to reach out. Who knows, Depica and I might do another pod, but again, feel free to reach out and I look forward to having more conversations.
[23:16] >> Thank you so much. Thank you so much for giving me this opportunity and talk about what I love. Thank you so much. >> You are welcome. All right. Have a great one. Bye. >> Bye.
