Mortgage and Insurance Advisor leads with technology and tradition

Global Finance keeps ahead of its budget and competition

Venkat Raman

Auckland based Global Finance Managing Director Ajay Kumar does not like compromises.

Be it Customer Service, Marketing or Administration, he has never allowed his steadfast principles of honesty, integrity, transparency and accountability to be traded in his Mission to provide quality service to the complete satisfaction of his customers.

And to the Mission today there is an additional factor: innovative technology that is not only confidential and constantly updated but also safe and secure.

A banker by profession, Mr Kumar has been a Mortgage and Insurance Advisor since 1999 and 19 years and 6000 plus customers later, he is as meticulous in his approach to business as he was 45 years ago when he joined Bank of Baroda in India as a banker.

Global Finance writes more than $1 billion in mortgage loans and insurance premium every year, making it the single largest company of its type in New Zealand.

Importance of People

“No entrepreneurial venture can afford to ignore the two most important aspects of their sustainability: People and People. The former represents customer and the latter your own managers and staff. A business that keeps the interests of these two sets of people will be progressive and profitable, retaining both over the long run,” Mr Kumar said.

He believes that dedication to these two ‘sets of people’ will bring in every other ingredient to commercial success- products, services, a sound business strategy, systems and procedures, employee motivation, improved performance and higher levels of growth.

That is how it has been since Global Finance Limited opened its doors (at him home garage) to business. Since then, Mr Kumar’s journey has been marked by several milestones, each of which demonstrates the beliefs that ‘hard work does not go unrewarded,’ that ‘customers like consistency in service delivery’ and ‘staff need opportunities to grow.’

And the results have been gratifying.

Planned Expansion

From two or three clients in May 1999 when Global Finance was launched, the Company today serves more than 6000 customers spread throughout Auckland and beyond and with one employee (Mr Kumar), the Company today boasts of a complement of over 40 staff.

Contrary to his earlier belief of concentrated activity from a single location, Mr Kumar purchased two buildings, one each in Manukau (South Auckland) and Henderson in West Auckland, in view of the widespread of customers in these locations.

Reaching out to Customers

The worsening traffic gridlock, the growth of suburbs in various part of Auckland and the increasing population (the City adds more than 30,000 people every year) were factors that encouraged Mr Kumar to branch out of the Company’s Headquarters at the Kudos Business Centre on Kirkbride Road in Mangere, close to the Auckland International and Domestic Airports.

The Head Office itself is a proof of expansion. From one small facility a room divided into staff and management area, the company today owns all the four adjacent buildings, organising itself into four main divisions, namely Mortgage, Insurance, Marketing and Information Technology.

Home loans continues to the mainstay of Global Finance, although hundreds of customers have also benefited through its services to obtain commercial and industrial loans over the year. Global Finance is on the only company of its type to have arranged mortgage loans valued at $800 million thus far in 2018, with about four more months remaining in the financial year, in a tough and increasingly crowded market of Authorised, Registered and other Advisors.

Exalted Customers

“Our philosophy is simple- Customers are Supreme and we exist because of them. It is our responsibility to ensure that they receive the best mortgage advice possible, enable them to repay the loan as soon as possible and serve them to become investors if they are so interested. Saving them money on the principal and interest are stated-purposes of Mission and over the years, those who have subscribed to our ‘Special Formula’ have saved millions of dollars in interest. A large number of them are mortgage free and/or able to invest in additional properties and augment their income,” he said.

Robust Process

It pays to listen to the advice of Mr Kumar. Every Customer is obliged to provide proper information about their income, expenditure, expectations and even the choice of the bank from which Global Finance will attempt to secure the loan.

Following the completion of an Application Form that is exhaustive, customers are required to have detailed discussions with one or more of the Mortgage Advisors employed by the Company, at the end of all of which, Mr Kumar gets to ensure that all applications have complied with the set procedures, both at Global Finance and at the lending institutions.

Insurance Policies

Advise on Insurance is a natural extension of mortgage business and Global Finance is the largest Insurance Advisor among companies owned by people of Indian origin in New Zealand.

Health Insurance receives special attention since life is fragile and uncertain. Customers are encouraged to subscribe to the types of insurance to suit their needs and affordability. These include all forms of insurance, subject to the terms and conditions of insurers and other factors. Insurance policies are constantly reviewed with clients to ensure that they remain relevant to their health and economic conditions.

Innovative technology

Mr Kumar understands the significance of digital technology and hence has set up a custom-built ‘technical fortress’ that ensures storage and retrieval of extensive data about every customer. The system also provides up-to-date information on each loan application, the review process, how each loan is performing and such other reports that would enable Global Finance Advisors to provide proper advice to his clients.

Mr Kumar said that Global Finance is currently creating its own, state-of-the art, cloud-based information system that would take the company and its intellectual property to the highest level ever.

“The software, written especially for Global Finance, will provide even such micro information as to when a file was accessed, by whom and how long it was kept open by anyone in the company who has access to such data. The idea is to enable our staff to obtain necessary information quickly and thoroughly  and update them as and when required. I would have the ability to monitor the system from anywhere in the world. With billions of dollars flowing through documents, it is imperative that the system conforms to the highest standards of security and remains pilferage-free. In today’s world of hacking and leaking, it is better to be careful than sorry,” Mr Kumar said.

Global Finance business continues to grow at 30% annually to manage which, the Company constantly needs people, acquired through a rigorous process of selection and generous mode of retention.

Staff and Management

“Human Resource is the single most important aspect of our business. We are ready to offer very attractive salaries (higher than those offered by commercial banks) but it is hard to find qualified staff with the level of commitment and integrity required in our business. In today’s regulatory framework, we have to be fully compliant. We have built our culture around qualities that are not negotiable. However, I am sure that sooner than later, we will attract talent and continue to grow,” Mr Kumar said.

Awards & Citations

Global Finance is also the only company which has won more than 40 awards, the first of which at the Second Annual Indian Newslink Indian Business Awards 2009 for ‘Marketing Excellence’ and for being the ‘Best Small Business.’ Thereafter, the Company has won many other awards.

Global Finance has consistently registered growth, even in times of market decline such as the Global Financial Crisis but to Mr Kumar these are challenges come with opportunities. 

He believes that a good company is one which has financial discipline and a clean balance sheet so that nothing can shake it.

Photo Caption:

1. Ajay Kumar
2. Baden Martin, ANZ Head of Mortgage Distribution with Aseem Agarwal and Ajay Kumar, Winner of the ANZ Mortgage Advisor of the Year Award 2017
3. Graeme Edwards, Executive General Manager, AIA New Zealand honoured Ajay Kumar with the ‘Top Insurance Advisor of the Year (from 2009 to 2017) Award
4. An exterior view of the Global Finance Henderson (West Auckland) Branch

(Pictures supplied)