Quotevine, a UK-based fintech provider for asset finance companies, has released a tool for commercial brokers “developed in direct response to the Covid-19 financing crisis facing UK SMEs,” the fintech said in a press release. 

Jeremy Wright, sales and client success manager for Quotevine, described the software-as-a-service tool as “an affordable and easy-to-implement, complete package, containing all the tools [Brokers] need to be able to manage large volumes of applications.”

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Since the UK Government first announced its Covid-19 schemes for the UK SME and micro-business community, the various initiatives have been fraught with difficulties. 

Banks, encumbered by legacy systems, coupled with the unprecedented volume of applications and challenging timescales, have struggled to service every would-be borrower, more than two months after the Coronavirus Business Interruption Loan Scheme (CBILS) was first announced.

Observing these developments, Quotevine believes asset finance companies are well-placed to fill this gap in provision.

Wright said: “While we very much understand the pressures they’ve faced amidst Covid-19, banks aren’t adequately equipped to deal with such a large volume of applications in such a short period of time, and they are up against an unprecedented situation of the utmost urgency. 

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“It is vital that fast, efficient access to loans is made available to all at this time.

“The asset finance firms and brokers we serve are, by contrast, ideally placed to step in and help clear the backlog and get vital funds out to SMEs without delay. They are smaller and more nimble, with a propensity towards problem-solving and a good understanding of the needs of businesses.

“However, in order to seize what we believe is a historic opportunity, they need the right and most innovative tools, to enable them to work quickly and efficiently while managing risk.”

Quotevine: Software-as-a-service

Wright added that the Quickstart package allows for information to be centrally stored and managed in one place, “allowing a finance broker’s entire team to remain in-sync wherever they are, with instantaneous, anytime, anywhere access.”

It includes:

  • Core licenses (including quotation, CRM, invoice management, renewal optimisation, document library, reporting and multiple brands)
  • Online proposals (a seamless credit proposal process for customers and staff which collects valuable credit proposal information using a secure, customer-specific link)
  • E-Signature capability
  • Quotation documents (the ability to create own-branded PDF quotations directly from the system)
  • Pricing and payment calculation using a quick and easy calculation engine.

Quotevine’s software-as-a-service offering spans the asset, automotive and consumer finance industries, across the broker, lending and leasing segments, the fintech said.