David Jones of Click2Check talks to The Intermediary about how the firm puts advisers in the driving seat
In a post mini-Budget world, the last thing advisers need to worry about is excess admin, but often, waiting around for a client’s credit and banking reports can be a long and arduous process.
Providing advisers with an easier and alternative route is Click2Check, which aims to completely streamline the way advisers background check their clients, allowing them to obtain consumer credit and banking information in mere minutes.
David Jones, director and co-founder of Click2Check, sat down with The Intermediary to discuss this innovative service, and all things credit scores and open banking.
Putting advisers first
With its unique proposition and swift service, Click2Check certainly fills a gap in the market where advisers are concerned. But what was it that inspired Jones to launch the business, and why now?
“I have been involved in the mortgage industry for over 18 years”, he says.
“I have been exposed to a mortgage adviser’s role since 1987, with my brother working for John Charcol, and my wife, who was also a mortgage adviser. They both remonstrated, on many occasions, about chasing their clients for documentation, be that credit reports or bank statements.
“So, when technology had matured, it was time to create Click2Check. The idea was to supply the technology and tools for advisers to be in the driving seat, obtaining summarised digital reports and a no-friction process for their client.”
Jones continues: “Our tools give them control and remove the time and effort of working out the client’s affordability. This in turn gives the adviser a quick and efficient solution, allowing them to service more opportunities and leads than they had done before.”
One-stop shop
One of the main components of Click2Check’s suite is its white-labelled hub.
The feature collects a client’s credit and expenditure reports, and expedites them to one convenient place — the adviser’s white-labelled hub — keeping it all in one location.
Jones explains that it is this expedited offering, and more, that sets Click2Check apart in the business-to-business marketplace.
“I’m sure all other companies supplying credit services would say they are unique, but we are”, he says.
“We are an independent company, allowing Click2Check to integrate with any third-party software and proprietary services the companies have in-house, with our [application programming interfaces (APIs)] giving them all the functionality without the pain.
“We supply a credit and banking report solution without having to go through the hoops of due diligence, lawyers, and compliance, and at a low subscription cost to enter.
“We are the only company dealing solely with the mortgage industry that has three solutions under one roof — credit reporting, bank reporting and an anti-money laundering (AML) solution with Open Banking.”
He adds: “It’s a one-stop shop.”
A once in a lifetime moment
A mid-pandemic launch might have been make or break for any business. The turmoil of the past couple of years have posed challenges for all businesses, not least new ones, but Click2Check may also have benefitted from an increased uptake of and reliance on technology.
“The pandemic was a once in a lifetime moment we hope will never happen again”, Jones says.
“But what it did do was accelerate the use of technology and the number of companies looking to use it. We went live during the pandemic, which was really tough, but some early adopters saw the benefits straight away.”
He adds: “We could sell and support them via Teams or Zoom without leaving the house. Conversely, our new clients use the software to obtain the credit and banking information using the same forums, making the process more efficient.”
The current market
Having overcome the initial challenges that resulted from the pandemic, and turning them into benefits, Click2Check is still going strong.
However, given the pandemonium in the mortgage market over the past few months, Jones does have some advice for advisers: “Austerity is the biggest challenge for advisers and consumers.
“The utilities and mortgage hikes have been sudden for all of us, with no additional monies coming into balance it off.
“2022 was an inconsistent year, from the famine to feast deals early on and then the Truss debacle that crippled them.”
He continues: “2023 will see a more consistent year, but advisers will struggle to place cases because of clients’ management of their finances, and due to tougher criteria from lenders, with products being taken off the shelf at a moment’s notice.
“They need to secure rates quickly before they are removed.
“The quicker you have the information to place the case, the quicker you can secure that rate for the client.”
Never sitting still
It is clear that although the Click2Check brand hinges on ‘less work’ for advisers, the team behind the scenes is doing quite the opposite.
So, with the new year upon us, what is on the horizon for the future of Click2Check?
Jones concludes: “We want to do more of the same and never sit still.
“We have upgraded the system, which allows us to be more dynamic with third-party integration.
“We are rolling out an upgrade enabling advisers to submit the Open Banking documents to a select group of lenders, again helping the adviser to submit the application quickly.
“The cradle-to-grave application is coming, and the documentation via Open Banking that Click2Check supplies will be accepted by all lenders, in time.
“Open APIs are available, and we have a few potential clients moving in that direction in Q2. This will enable those companies looking to move away from the manual process to have that automated.
“In 2023, we will be rolling out modules, complementing and enhancing our successful proposition, and making the job of the adviser easier and slicker.
“Our ultimate selling point is: see what the lenders see before the lenders see it.”
This interview first appeared in the February 2023 issue of The Intermediary magazine
