Indian Newslink May 15, 2016 Digital Edition

MAY 15, 2016
14 BUSINESSLINK
Former banker joins leading mortgage broker
Venkat Raman
venkat@indiannewslink. co. nz
The country’s largest mortgage
and insurance broker
of Indian origin
Global Financial Services
Limited (GFSL) has appointed a
former top banker and business
consultant to its Advisory Board.
Mike Skilling, former Bank of
New Zealand Business Financial
Services General Manager, now
an independent Management
Consultant joined Darrin Franks,
who was appointed to the Board
in July last year.
Mr Franks is an insurance veteran
with extensive experience
in the insurance industry.
They will share and expand the
vision of GFSL to go farther than
its current reach.”
GFSL Managing Director Ajay
Kumar said that the constitution
of the Advisory Board was a part
of his vision to establish the company
that he founded 17 years
ago as a professionally managed
organisation with a corporate
structure capable of expansion
and diversification.
“GFSL has been growing faster
than ever before, and certainly
the fastest in the country mortgage
and insurance brokerage industry.
Our mortgage business
grew a whopping 65% during the
2015-2016 financial year, with the
value of mortgage loans written
accounting for $831 million, and
the value of insurance premium
written by $800,000. With the total
value of mortgage loans organised
with banks through our
company valued at more than $4
billion and insurance premium
of $2.5 billion since our establishment
in March 1999, we are now
ready for the next stage of development,”
he told Indian Newslink
during an interview.
“The depth and breadth of experience
that Mr Skilling has
across retail, private, rural and
business banking sectors, together
with insurance, managed
funds and finance companies
means that his contribution to
the governance of GFS will be immense.
We are very pleased to
have him as part of our team,” he
added.
A member on several company
boards, Mr Skilling brings
with him extensive experience in
the banking and finance sectors.
He was a Founder, Director and
Trustee of ‘The Icehouse,’ an organisation
that helps businesses
in their start-up stages and supports
them in their growth and
productivity.
He has been a member on the
Independent Panel of Judges
of the Indian Newslink Indian
Business Awards for the past
three years.
Regulatory Regime
Mr Skilling said that GFSL has
registered impressive growth
over the years, expanding its customer
base, not only in Auckland
but also in other parts of the
country.
“The banking, finance and in-
Ajay Kumar with Mike Skilling and Darrin Franks on May 12
surance sectors are increasingly
coming under the purview of
the regulatory authorities such as
the Reserve Bank of New Zealand
and Financial Markets Authority.
It is therefore important that
apart from engaging in securing
mortgage loans and writing insurance
premiums for customers,
it is important to ensure compliance
at all times,” he said.
Mr Franks said that he is happy
with the procedures and systems
in place at GFSL to cope with the
regulatory requirements, assess
customers’ requirements and organise
them with lending institutions
and insurance companies.
“The company has a sound database
and computer applications
and hopes to switch to a better,
and more sophisticated digital
platform next year. The Advisory
Board will work closely with the
management of GFSL and assist
in the career advancement of the
employees as well,” he said.
Geographic growth
Mr Kumar revealed that GFSL
will open its first branch outside
its company headquarters (located
in Airport Oaks in the South
Auckland suburb of Mangere) in
Henderson in August 2016 and
the second branch in Manukau
next year. Properties in these
two areas have been acquired
and preparatory work has commenced,
he said.
“Staff training and involvement
in the operations of the company
are paramount to provide quality
service to customers. Every
member of the staff has to participate
in the ‘learning process’
at least one day during the working
week as a part of their work
schedule. We have a computerised
system of informing online
and other courses available for all
our staff,” Mr Kumar said.
Quality Service
In a fast changing world of
technology and loyalty, retention
of customers is often more
difficult than securing them in
the first place. How GFSL has
achieved not only a high rate of
customer retention but also an
increasing number of referrals
through existing clients is an inimitable
story of openness and
choice. Every customer, whose
application for a mortgage loan
would stand the assessment and
approval of the lending institution,
would be required to (a)
read, understand, approve and
accept the terms and conditions
of the loan (b) exercise the choice
of the bank in order of preference
(c) disclose the statements
that are necessary to establish
and maintain a close working client
relationship (d) exercise the
choice of allowing GFSL to monitor
their performance (e) enjoy
the exceptional service provided
by Mr Kumar and his team.
Unique Formula
The most important attribute
that has been contributing
to the continued success of GFSL
and its customers is the ‘Unique
Formula’ devised by Mr Kumar
enabling customers to repay their
loan and become free from the
mortgage bond quicker than the
usual 30 years. The Formula has
almost always worked. GFSL is
just 17 years old and many of its
clients have repaid their original
mortgage loans within this
period.
GFSL not only arranges the
mortgage but also advises customers
on how they can save interest
on it and get mortgage free
earlier as per their individual capacity.
Similarly, it recommends
insurance products to fit with the
customer’s unique situation.
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