Equiniti is to provide its broking technology to Intelligent Lending, operating under the Ocean Finance brand.
Due to the increasing demand within the second charge loans market Ocean Finance identified that leveraging software to undertake sourcing would improve the customer journey, remove the manual processes and enable their underwriters to become more efficient to support the increase in volume.
Equiniti Pancredit’s sourcing solution provides simultaneous results for each lender on the broker’s panel using a single credit reference agency search to determine which products a customer will qualify for. Through the integration of data provided by credit reporting agencies such as Equifax, the software supports businesses by removing time consuming tasks, including manually referencing multiple lender criteria to match a relevant loan plan to customers’ needs.
In addition, the technology provides on-going maintenance of lender plans and service levels allowing configuration of new panel lenders.
Graham Donald, managing director of Equiniti Pancredit, said: “I am delighted to be announcing this new contract win. The technology we are providing to Ocean Finance delivers a service that would otherwise be manual and labour intensive further demonstrating Equiniti’s ability to provide technology solutions that make it easier for our clients to do business.”
Geoff Dearden, director of Intelligent Lending added: “Pancredit’s solution has enabled us to remove manual paper based underwriting and minimise re-keying. This frees up loan advisors to spend more time talking to customers and will enable us to source loans for customers more quickly.”