Specialist Motor Finance has launched a customer application platform, which has reduced its online credit decision times to less than 10 seconds.
Launched in collaboration with auto-decision software firm LendingMetrics, the system is designed to enable brokers to reach out to a wider sector of borrowings while ensuring customer affordability.
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David Challinor, managing director of Specialist Motor Finance, said: “Many brokers now require a sub-ten second response from their panels of lenders, and an easy way to achieve this is to guess affordability from an historic credit score.
“However, this doesn’t distinguish between people suffering from chronic financial difficulties, and others who have overcome past problems, hold a regular job, and carry no great burden of debt.
“In conjunction with LendingMetrics, we can now much more readily identify such applicants, based on our own unique profiling systems and current national statistical data. Crucially, the tool allows SMF to make a decision based on how an applicant is likely to conduct themselves in the future, rather than on what has happened in their past.
“The process takes just seconds, but delivers a much fairer outcome,” Challinor said.
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By GlobalDataDavid Wylie, managing director of LendingMetrics, said the new platform is delivering a ‘ground-breaking’ approach to automated car finance decisioning. “The system is the result of a twelve-month working partnership between our companies to create a highly detailed and real-time picture of applicants.
“SMF is now able to provide a secure and scalable technology solution through its brokers which allows them to help more customers than ever before.”
Earlier this year, SMF hired Jim Cowell to the role of business development manager. Cowell joined SMF following seven years at Moneybarn where he worked in a deal management capacity, liaising with both finance brokers and car dealership groups.
Managing director David Challinor said he was delighted that SMF’s clients would now be able to benefit from the expertise and knowledge which Cowell is bringing to the company. He also confirmed that additional senior appointments, are likely to be made over the coming months.
