United Trust Bank hires Alfa for digital transformation

Louise McIntosh, UTB’s asset finance head of operations, is in charge of the project. The bank said brokers could begin to benefit from the re-platforming by the end of this year.

The system, UTB said, will allow the bank to underwrite proposals more quickly which could lead to faster pay-outs. The software would also let UTB connect to brokers’ own proposal systems, the bank said, streamlining the application process  to aid brokers.

Additional potential improvements, it said, would be to auto-underwrite proposals that fall within pre-set parameters, giving brokers instant decisions on some deals.

UTB said loan originations through its asset finance business grew by 136 percent last year, becoming its fastest-growing division by volume and headcount, pushing the lender’s asset finance loan book beyond £250m for the first time.

Nathan Mollett (pictured), head of asset finance at UTB, said the investment in technology will give the lender “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.”

Andrew Denton, chief executive of Alfa, added: “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.”