United Trust Bank (UTB) has chosen software specialist Alfa to transform the bank’s asset finance operations with an integrated digital solution, improving broker service and supporting UTB’s growth plans.

The bank has started a project to move its asset finance operations to the Alfa Systems software platform, a multi-featured system. With a suite of out-of-the-box integrations, Alfa Start is designed to accelerate systems change with minimal risk. Asset finance head of operations, Louise McIntosh, is leading the project and expects brokers to start benefitting from the replatforming by the end of 2022.

The system will allow the bank to accelerate its asset finance processes enabling quicker underwriting of proposals and subsequently quicker pay-outs. Alfa also enables the integration of APIs which will allow UTB to connect to brokers’ proposal systems, streamlining the application journey and removing broker frustrations such as having to double-key deals.

Other plans include the ability to auto-underwrite “straightforward” proposals falling within pre-set parameters, giving brokers instant decisioning on some deals.

UTB’s asset finance business grew originations by 136% in 2021 to become the bank’s fastest-growing division by business volume and headcount. Its asset finance loan book went beyond £250m for the first time in UTB’s history, and the team is on track for another record-breaking year.

Nathan Mollett (pictured), head of asset finance at United Trust Bank said: “This is a substantial investment in technology which will kick-start a digital revolution at UTB asset finance and give us the operational platform we need to enable our future growth and maintain high levels of broker service.

“As one of very few ‘broker only’ funders we are committed to providing our partners with a quick and simple journey from proposal to pay-out, and as we continue to attract increasing volumes of business it’s vital we achieve a better balance between maintaining high service levels and delivering high growth. This partnership with Alfa will give us greater capability and automation of routine tasks, accelerating servicing and allowing us to free up skilled people, enabling them to add value in ways only human interaction can.

“UTB is almost unique in its encouragement of direct communication between brokers and underwriters and that’s a USP we will continue to shout about. This ambitious investment in technology underlines our commitment to the asset finance market and is just the beginning of a program which will put UTB at the forefront of digital solutions whilst enabling us to maintain that all-important person to person contact with brokers.”

Andrew Denton, CEO of Alfa, added: “We are thrilled to welcome UTB to the Alfa family. UTB is a successful, ambitious and progressive funder with a terrific market reputation and a differentiated approach to doing business. We are proud that Nathan, Louise and the team have chosen Alfa to provide the technology foundation to make them future-ready; a scaleable, agile platform that allows them to fulfil their growth ambitions whilst maintaining their differentiation. And we are excited that Alfa Start will get them to that place in double-quick time.”