The tech firm said the guide was the first of its kind. It allows lenders to promote their criteria on email footers, at shows and events using a QR code or on social media. It will give information on all the different kinds of lending offered by each lender as well as real-time updates to criteria.
Knowledge Bank said the interactive criteria guide was cost effective and environmentally friendly as it removes the need for lenders to continually update and print literature.
It also said this would be more robust than PDFs on websites as the wording would be directly based on what the lender puts into the Knowledge Bank platform which would provide consistency and uniformity across communications, which would reduce misunderstandings.
Mike Walters, sales director – mortgages for United Trust Bank, who were the first lender to make use of the guide, said: “We’re always looking for ways to help brokers write and complete more business and this initiative continues our investment in innovative technology which both simplifies and accelerates the broker journey from sourcing to pay out.
“We’re big fans of Knowledge Bank and it’s great to work with a company which shares our desire to develop technology which really adds value.”
Knowledge Bank: ‘Brokers can save hours and hours’
Nicola Firth (pictured), founder and CEO of Knowledge Bank, added: “This new interactive criteria guide is a terrific example of the technological advancements now available for lenders to proactively improve the process of working with brokers. The days of lenders having to constantly update and print our criteria guides are a thing of the past and this is another example of technology improving the mortgage advice process.
“By using criteria search systems, brokers can now save themselves hours and hours and the digital criteria guide will further simplify the process and offer reassurance that the data they are using is accurate and up to date and they won’t be caught out by criteria announcements they may have missed.”
