Transcription of Finance News Network Interview with Money3 Corporation (ASX:MNY) CEO and Executive Director, Robert Bryant
Lelde Smits: Money3 Corporation
(ASX:MNY) is a provider of financial services. The company offers its customers fast approvals of short terms loans, personal loans and vehicle finance, and operates through branches across Australia. I’m Lelde Smits and joining me at ASX Investor Series in Melbourne is the Company’s CEO and Executive Director, Robert Bryant. Robert welcome.
Robert Bryant: Thanks Lelde, nice to be here.
Lelde Smits: What are the Company’s primary products and how have they been performing for you over the past year?
Robert Bryant: The Company has two distinct product offerings, secured loans and unsecured loans. So if we break them down, the unsecured loans are through our 68 branch network and our online presence. And the secured loans are through our head office in Bundoora, where we do secured loans for cars and anything auto. Each of them are divided equally, we have half the contribution coming from unsecured loans and half coming from secured loans, at the moment.
Lelde Smits: How do you believe that Money3 Corporation is different to other lenders in Australia?
Robert Bryant: That’s a great question Lelde. We are passionate about this business. We’ve been involved with the customer base we look after for 14 years. And getting to understand the customers is critical and that is our forte. We understand what the customers’ needs are and we create products to suit their needs. There are four million Australians who might have a credit default, or have had challenges in the past. And we understand how to create disciplines and behaviours that work for them, to get back on track with their borrowing needs.
Lelde Smits: What is the Company’s strategy to maximise returns and where are you targeting for opportunities?
Robert Bryant: As I said earlier, half our contribution comes from unsecured and half from secured. That won’t be the case anymore, because we’re focused heavily on secured lending for vehicles and we have now got access to debt funding. So that’s the scalable part of our business. Well we won’t drop off and we will grow in the unsecured branch network. Our secured area is the part of the business that is very scalable. And so our broker network that’s Australia wide, numbering over 150 people brokering to us, that’s the area where we can really leverage our strengths.
Lelde Smits: In which cities or sectors have you identified the greatest demand for your services, and what are you doing to capitalise from it?
Robert Bryant: We initially were Victorian based and through the acquisition of a lot of companies, we’re now certainly strong in the eastern seaboard. However, the demographic that works best is the blue collar demographic outer city, where transport and cars is an absolute necessity. Governments don’t like spending too much on public transport and so affordable payments on cars, and having access to transport in the outer suburbs of major cities, is our prime spot.
Lelde Smits: What role do you see Money3 Corporation playing in the consumer credit industry, and how are you positioning the Company to get there?
Robert Bryant: I’m not sure whether you are aware, but the Credit Enhancement Bill that was brought into consumer credit last year is something that we’ve lobbied for. We have been in discussion with Government and have been an instigator in many of the protections, for the vulnerable consumers that people are often concerned about. So during that process, we centre ourselves as the leader in the transformation of the consumer lending industry in Australia.
Lelde Smits: Robert Bryant, thank you for the update from Money3 Corporation.
Robert Bryant: My pleasure, thanks Lelde.
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