United Trust Bank to launch new asset finance digital platform

UTB recently announced that it was partnering with software specialist Alfa to transform its asset finance operations with an integrated digital solution to improve broker service.

UTB has commenced a project to move its asset finance operations to the Alfa Systems software platform and expects brokers to start benefitting from the replatforming by the end of 2022.

Workato’s enterprise automation platform will allow UTB to plug-in various apps and specialist fintech to make transacting asset finance business with UTB as quick and easy as possible for brokers.

These apps and tools may include automated remote ID verification, secure document upload, electronic signing, instant credit check referencing, banking system integration for faster payouts as well as marketing and management information tools.

The system will allow the Bank to accelerate its asset finance processes, enabling quicker underwriting of proposals and subsequently quicker pay-outs. Integrated 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.

Nathan Mollett, head of asset finance at United Trust Bank, said: “The combination of Alfa and Workato will give us the ability to build a superbly specced operational platform which will simplify and accelerate deals, improve service and give us the scalability to achieve our growth objectives.

“This is a significant investment in technology which will bring many operational benefits not just to UTB’s asset finance business but to the Bank as a whole. I’m delighted that asset finance is pioneering this digital revolution at UTB which will increase our capability and free up skilled people and resources to undertake tasks which really add value for brokers and customers.”

Robert Ekstrom, VP and GM of EMEA at Workato, said: “We are really excited about partnering with UTB and enabling the Bank to connect to and get the most out of its new core asset finance digital platform. Undertaking a digital transformation project can be challenging, however UTB will reap the benefits from investing in this technology. We are excited to see the results and how the company continues to grow following its implementation.”