What the Royal Commission means for B2B
The Royal Commission has undoubtedly impacted a number of parties in banking, but here’s the reason why we believe it’s ‘business as usual’ for asset finance.
A much-needed spotlight
The Royal Commission into Banking has, over the past year or so, shone a much needed spotlight onto the financial sector as a whole, and some less-than-palatable activity in institutions we should all be able to trust.
The stories out of the commission have ranged from charging dead people fees to selling unnecessary insurance products. There have also been plenty of other horrifying stories – but beyond all of that it’s pleasing to see action being taken against the key instigators.
At the time of writing, we don’t know the full impact of the Royal Commission, however when it comes to the asset finance industry – a profession that at its core helps small business grow – I am relieved to report we weren’t handed down any major recommendations for change. The outcome was a positive one – this isn’t going to touch us. Why? Because they know all too well that small business doesn’t need anymore red tape and further restrictions to obtain finance. So please be assured, for us, it’s business as usual.
A matter of trust
One of the major impacts of the findings of the Royal Commission will, of course, be an erosion of trust. After all, when you’re dealing with finances – whether it be a lower-value loan or your life’s savings – you need to have absolute faith in the people you’re entrusting with your finances.
For businesses such as ourselves, that trust, and that drive to find the best possible solution for our clients, is ingrained. It’s how we’ve built our business. If we didn’t have the trust of our clients, if we didn’t do right by our clients every single day, we simply wouldn’t be here. And, rest assured, we’ll continue to do right by our clients. Obtaining credit is a big deal, but it needn’t be scary. We are here to make sure we use the right lender to suit your needs – we know all the lenders’ policies and therefore can always assist in getting the best outcome for you and your business.
That’s why, when I say to people that the Royal Commission won’t affect us, I mean it. Yes, it may affect some of our processes and paperwork, but ultimately it will not alter the service we give to our clients, not one iota.
Because we’ve always acted with our clients at heart, and will continue to do so. There are still opportunities to grow your business and, if anything, with interest rates at an all time low, now’s a great time to lock in that rate and update your car or equipment.
If you have any questions about the Royal Commission and its impact, please don’t hesitate to get in touch.