UK fintech provider Quotevine has announced a partnership with AccountScore, a London-based analytics firm, in an effort to reduce brokers’ administrative workload.
The partnership aims to simplify the process for commercial proposals by tapping into Open Banking legislation in the UK.
When it was passed in 2018, the law forced the UK’s biggest banks to release their data (when authorised by their clients to do so) so that it could be shared by third parties online, who can use it to create new products.
According to a statement, the partnership was initiated when Quotevine and AccountScore identified inadequacies in customer, broker and funder communication.
By directly accessing customers’ information through Open Banking facilities, brokers can provide the necessary details to the funder without increasing their workload, whilst also improving connectivity between broker, lender and customer. Data sharing will also allow for better-informed lending decisions, the two said in a statement.
Rebecca Duckworth, chief sales officer at Quotevine said: “We have manufactured a proposition that not only speeds up the approval process for clients, but helps them move away from traditional and sluggish solutions. Together we are seamlessly connecting all of the parties involved in approving finances, allowing for greater efficiency throughout the customer application process, translating into a better experience for all involved.”
Referencing the common corporate cultures, Duckworth continued: “Our obvious synergies with a forward thinking partner like AccountScore has helped us build upon this future-ready system. Making the most of the open banking technology they provide, we are helping our clients with unique innovations benefiting them not only in the present but also going into the future.”
Emma Steeley, CEO at AccountScore, reinforced this sentiment: “We instantly recognised how the two brands complement each other, with their full end-to-end solutions and our easy to use open banking software, we’re confident of helping both brokers and lenders in a variety of sectors.”
Steeley finished: “With the insights into bank transaction data that our products can offer, and Quotevine’s Quickstart package, we’re working hard to develop seamless experiences for lenders, and brokers which ultimately benefits the end consumer.”
Quotevine’s Quickstart asset finance package promises to help firms process their finance applications more quickly, whilst AccountScore helps businesses get to grips with their transactional data. This enables Lenders to make better Open Banking decisions, the fintech said.