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Knight in warning to lenders on instant offers

GMAC chairman Stephen Knight believes lenders that fail to provide instant offers in future will see business wane.

Knight predicts that ano-ther three or four lenders will have joined GMAC and Edeus by the end of next year in providing point of sale offers and brokers and packagers will get so used to Posos that anything less will be considered poor service.

He also speculates whether Posos could eventually be used as a direct tool to customers, possibly via iPods.

Knight says: “Instant offers are changing business models and we will see changes to business patterns from brokers and packagers. Those not on board will be excluded from panels.

“More lenders similar to BM Solutions will come on board and intermediaries will be able to say to the other lenders that if they don’t develop systems, then brokers will move away.

“You never know which way technology will go. Who thought the gramophone would be used by the music industry when it was made for the legal profession?”


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