Steven Lim was recently recognised as the Highest Revenue Contributor for April 2024 by BNI Sierra.
My name is Steven Lim and I am the CEO and founder of FinHub Holdings Sdn Bhd. We are the first financial platform in Malaysia implemented Fintech in all our company processes to enhance our service quality in mortgage loan industry. We are licensed appointed agency by different financial institutes to provide services such as loan application, insurance products, estate planning & financial consultancy.
How did you get involve in the industry and in Malaysia
I was a former bank manager for 12 years in the industry, leading the sales group to market for various types of bank’s products. Prior to that, I was a businessman involved in computer trading, IT solution, tshirt printing, telco and more.
The reason why I decided to reset everything and joined banking industry is because I realize the things I lacked the most is networks. And in financial industry, everyone can become my client and it will rapidly expand my networks.
What made you decide to go do this business
There are few reasons:-
1) Products
When I was in the bank, there are list of products the bank wants us, the frontliner to sell. However, not all the products are always competitive and in fair terms to the client. But as a staff, we have no other option because all these products is in our KPI target, failing to meet sales target will lead to commission reduction penalty or even termination of employment.
2) Retain Talent and build team
I felt tired on doing personal sales after years of hard works in financial industry, because as my age grows, my energy level and time availability are greatly reduced. Therefore, many years ago, I went into Sales Managerial position and aiming for overriding income, with couching position.
However, I realize the current financial institute’s team building system is not really suitable for me, as there is no way for me to actually retain talents. Over the years, I always do my best to groom my staff by spending tons of time and energy to shape them, but eventually they left, and some even became my competitor.
Sad to say that, but there is an unspoken norm within the bank managers, they always tell their staff that being a manager is so difficult and having so much hardship, not worth to go for it. But the truth is, they just don’t want the staff to become manager and leave the team.
For many years, I have been thinking on how to overcome this. Then I realize the root cause is not from the bank manager’s selfishness thinking, but the team building platform itself.
Therefore, I created a Financial Ecosystem team building system. In FinHub, we are able to help leaders to retain their talents by system, and talents will be able to work and grow in our platform by automation system. On top of that, we back them up with our Fintech system, together with the training mechanism from the backend operation team.
In our platform, all FinHub Manager will do their best to groom their team members to become another prominent leader, because the overriding system we design for all leaders, are on lifetime overriding benefits. By this way, they are encouraged to groom their team members’ leadership, motivated by this eternal overriding benefit.
3) Rules of Game changed.
10 years back, real estate agents and developers will always refer their client to direct bankers employ by the banks. However, things are different now, most of the real estate agency passing cases to mortgage loan agency like us.
I can safely say that 70% of the current mortgage businesses in Malaysia, are contributed by 3rd party Mortgage loan agency.
On that point, I have an option, to work with Mortgage Loan Agency, or to start one of my own. And I chose the 2nd options and formed FinHub.
What differentiates you from your competition
We used 2 years to R&D the first ever Fintech system in Mortgage industry.
Fintech integration:-
- Instant loan recommendation using AI system, eliminated human error in analyzing to zero %.
- Simplify all departments’ process flow using systems.
- Comprehensive data-keeping features, easier and more transparency on loan processes.
- Staff and business associates’ quality of works are in scheduled monitoring, by both system and operation team.
- System granted to all relevant parties, able to view ALL up-to-date status and updates.
- Supplementary sales system to assist sales presentation and increase closing rate.
- Up-to-date Bank criteria, packages and guideline, updates by FinHub loan committee in regular interval.
Value you and your business provide
FinHub is a platform that added value to every party.
1) Customer
3rd party recommendation, to ensure the advice given to them is neutral, on the basis on bringing the most benefits to the customer. Besides that, the product varieties are huge as FinHub brought in multiple brands for customer to make comparison for the best option. Trained Professional Relationship Manager is assigned to the client, giving them advice even in pre-sales and post-sales stages.
2) Real Estate Agents/ Developers
The most important thing for them is always about sales conversion rate, and therefore, they need high loan approval solution. In FinHub, we use Fintech system to eliminate the possibility on submitting into wrong banks. Besides, the banks/bankers we used are under strict system monitoring by FinHub, to ensure their quality of works maintain at a high level. Also, we have a team of professional consultant to assist client to understand their problems, and give appropriate advice on actions needed.
In short, they can spend 100% of their time on sales activities, by letting Finhub deal with the bank approval matters.
3) FinHub Sales Team
We are in collaboration with more than 2000 real estate agents in Malaysia, with constant supplies of clients for loan application. Therefore, our new joiner can kick start to do sales immediately. Besides that, FinHub is providing an entrepreneurial career opportunity to all sales personnel. They can actually become a leader and build their own business team, with zero capital and zero monthly turnover costs. Also, our unique Fintech System will assist them to produce the highest outcome with the minimum time and effort needed.
What is your insight for the industry or marketplace
The mortgage industry in Malaysia is now dominated by mortgage agency similar to us, 3rd party distribution will definitely be the future of main stream sales channel for financial industry. We are now running ahead of the trends, and one day, “Mortgage Specialist” will become an occupation, instead of merely a title now.
What are the challenges and where are the opportunities for Malaysian businesses in relation to your industry
The biggest challenge in Mortgage Loan Agency nowadays is trustworthy. To be honest, our industry is very profitable, and therefore a lot of people from different industry venture into mortgage businesses. Although some of them are very long time in the market, but the enforcement of the sales strategy or sales ethics might not be too appropriate to the client.
And over times, “Outsource Banker” impression to the market is unprofessional and sales oriented salesman.
This is also the reason why I am forming this company to make correction to this misconception. There is nothing wrong with 3rd party distribution for the financial products, it just that we need an appropriate platform with straight policy, to maintain high quality of services and sales ethics.
As far as I know, in Klang Valley Area, I am the only Mortgage Agency founder with 12 years banking experiences, with one of the biggest bank in Malaysia. I’m applying all my knowledge and experiences to design FinHub System, on a mission to give out higher quality of services compare to the bankers employed under the bank.
What kind of clients or contacts would you like to be connected to or in touch with
I would like to speak with real estate company founder/Management team/Team Sales Leader, to introduce them the revolution of mortgage industry, the integration of Fintech System in loan application.
Besides that, anyone who are interested to join our platform on building Mortgage business empire, are always welcome to contact us.
Steven Lim was recently recognized as the Highest Revenue Contributor for both February , March and April in 2024 by the chapter. Congratulations Steven and keep up the good work!