Close Brothers Motor Finance has launched an underwriting platform, in partnership with credit reporting firm Experian.
With Experian’s technology, getting decisions for applications and onboarding customers should be quicker than before. The enhanced platform will store data in one place to enable lending decisions to be automated.
The solution has been built to support the underwriting of proposals from both sole applicants and joint applicants, but additional features include the introduction of commercial bureau data, business validation tools and an enhanced commercial scorecard.
For consumers, the introduction of additional credit file information aims to make buying their vehicle on finance more streamlined from start to finish. Specifically, the underwriting platform allows Close Brothers Motor Finance to offer responsible lending solutions tailored to a customer’s individual circumstances based on accessing extended data.
Seán Kemple, managing director of Close Brothers Motor Finance, said: “Introducing more digital tools to support our dealer partners with the online purchasing journey remains a top priority for the business, as does using data to ensure affordability is front and centre of our decision on every finance application.
“Experian’s Powercurve Orginiation ticks those boxes. It follows the rollout of other finance tools including online finance calculators as well as our Remote Quote & Apply functionality, with more online smart tools to follow in the coming months. It’s now easier for car-buyers to access the right finance options for their individual circumstances, and for dealers to deliver informed, tailored approaches to customers that are time efficient and effective.
Steve Pulley, UK&I managing director of decision analytics at Experian, said: “Making a decision today needs to be quick and easy for consumers but to do this requires rapid orchestration of a variety of data and analytics. CBMF’s approach to digitising their underwriting journey for auto finance dealers is a great example of this, delivering speed and efficiency but also better customer outcomes.”
Close Brothers recently partnered with Auto Trader to launch a data tool that will provide dealers with insight into consumer demand in the market.