Lloyds reduces time-to-decision on asset finance loans
Lloyds Bank has partnered with fintech software provider, ConnectedFi, enabling brokers to secure faster asset finance credit decisions.
Lloyds will integrate its asset finance API into ConnectedFi’s asset finance CRM platform.
Brokers using ConnectedFi’s CRM can now use Lloyds Bank’s API to quickly and securely submit credit proposals directly to the bank.
Information is then automatically extracted and validated, reducing manual processing by as much as 87% and speeding-up the ‘time-to-decision’ for asset finance credit requests.
The API also enables brokers to access real-time status updates on live proposals, improving the customer experience and removing the need to manually ask for updates.
Andrea Melville, managing director at Lloyds Bank Commercial Bank, said: “Brokers told us that reducing time-to-decision is a priority for them. We developed the asset finance API to directly address that need. Ultimately, it helps them become more agile in the marketplace and gives them a competitive edge.
“Partnering with ConnectedFi to build the API into a CRM is a new approach for us. Through this model, we can work directly in marketplaces to add value for both platforms and brokers, fostering a more connected, streamlined business ecosystem.
“We’re committed to supporting UK firms in their recovery, and digital solutions will have a central role to play in this. We’ll continue to be by the side of businesses to help them drive their digital transformation, including by enabling quicker access to tools like asset finance to ensure they’re in a strong position to make the most of opportunities ahead.”
Kaushik Chakravarti, CEO of ConnectedFi, added: “It was a pleasure working with Lloyds Bank to deploy a core front office integration.
“It pulled together experts from very disparate procurement, integration and IT infrastructure teams to help us integrate and deploy in a matter of weeks. They beautifully blended the thoroughness of a traditional bank with the agility of a start up.”