Black Horse, the motor finance arm of Lloyds bank, has launched Black Horse SignIt, an online tool enabling dealers to offer motor finance online to consumers.
SignIt is a secured website through which dealers will be offer customers Black Horse finance. It will replace signature pads, bringing an end to the need for paper forms for Black Horse customers.
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It also allows for users to upload ID verification documents, removing the need to photocopy and fax through documents.
The lender estimates that SignIt will cut the amount of input needed from dealers and customers by around a third.
Paul Brotherton, head of business strategy, improvement and support at Black Horse, said: "Our dealers have been telling us that the finance process is cumbersome and time consuming for the customer, with duplicated form filling and waiting around whilst documents are scanned or faxed through to finalise the agreement.
The new system removes all this whilst providing a secure and safe process for dealers and customers and has significantly reduced the time it takes to get a finance agreement signed which is good news for both our dealers and customers."
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By GlobalDataSignIt has been piloted in a number of Black Horse dealers, and will be rolled out to all 5,000 dealers from July 2015.
