Paragon Bank has announced a partnership with Alfa to overhaul its commercial lending operations, implementing a new system to replace its legacy infrastructure and optimise its lending process.
The collaboration is part of Paragon’s Commercial Lending Transformation Programme, aimed at modernising operations, diversifying offerings, and improving experiences for customers and brokers.
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The initiative will see the deployment of the Alfa Systems platform using Alfa’s accelerated Alfa Start delivery methodology, which promises implementation in 24 weeks. Key objectives of the programme include:
- Enhancing the customer, vendor, and broker experience to adapt to evolving market demands.
- Streamlining operations through automation and process optimisation to reduce costs and increase productivity.
- Expanding into new SME lending markets with a wider range of innovative financial products.
John Phillipou, Managing Director of SME Lending at Paragon Bank and Chair of the Finance & Leasing Association (FLA), highlighted the strategic importance of the programme, stating: “This new system will enable us to enhance our offering, improve our efficiency, and provide a seamless journey for our customers. We’re excited to be working with Andrew Denton and the team at Alfa as we start the new year.”
Alfa’s CEO, Andrew Denton, commented on the partnership: “We’re delighted to partner with Paragon on this ambitious initiative to enhance its lending operations. With Alfa Systems, they’ll benefit from a SaaS solution that provides outstanding efficiency and functional depth, along with a rapid, cost-effective implementation through Alfa Start.”
In addition to its core asset finance operations, Paragon plans to migrate its aviation finance and professions lending businesses onto the Alfa Systems platform after live production begins in mid-2025. This expansion underscores the bank’s commitment to digital transformation and growth in the SME lending market.
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