United Trust Bank (UTB) has fully integrated an IT platform into its asset finance operations in partnership with two fintech providers that will affect how it processes proposals and broker pay-outs, the bank said in a statement.
UTB has partnered with asset finance software specialist Alfa and enterprise automation platform Workato to create an IT platform offering a variety of tools and apps which improve the funder’s service levels, speed of decisions and payouts and support the bank’s growth plans, UTB said.
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The functionality includes instant credit check referencing, banking system integration for faster broker payouts and deposit payments up to £25,000 by direct debit. The system also provides UTB with a variety of powerful management information tools.
Several enhancements are already being developed. These include the ability for UTB to auto-underwrite straightforward proposals falling within pre-set parameters, giving brokers instant decisioning on some deals.
In addition, the integration of APIs will allow UTB to connect to brokers’ proposal systems, streamlining the application journey and removing broker frustrations such as having to double-key deals.
UTB asset finance describes its approach as ‘people-powered technology’ with the focus still firmly on the relationship the bank has with its broker partners and its commitment to providing direct access to underwriters.
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By GlobalDataThe investment in fintech has delivered an intuitive, flexible and future-proof system which allows the bank to continue enhancing the broker journey with innovative features and enable its team members to spend more of their time using their skills and knowledge to add real value to the process in ways only humans can.
Louise McIntosh, head of operations of asset finance at United Trust Bank, said: “It’s one thing to provide a quick service now and again, but for brokers, consistency and reliability is key. This investment in the latest technology from Alfa, Workato and other fintech leaders gives us the ability and all-important resilience to deliver an outstanding experience time after time.
“This digital revolution increases our capability, sets up our future growth and enables our highly skilled people to focus on the tasks which really add value for brokers and customers when dealing with UTB.”
James Paul, chief delivery officer at Alfa, said: “By selecting Alfa Systems and using the Alfa Start methodology alongside other modern platforms, they have been able to deliver a true digital platform in a compressed timeframe which will deliver excellent service levels to brokers.”
