United Trust Bank (UTB) has partnered with 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. Some of UTB’s other plans for the partnership include gaining the ability to auto-underwrite straightforward proposals falling within pre-set parameters, giving brokers instant decisioning on some deals.

As part of the partnership, UTB launched a project to move its asset finance operations to the Alfa Systems software platform, a multi-featured system which will be delivered via the Alfa Start methodology. With a suite of integrations, Alfa Start is designed to accelerate systems change with minimal risk. Louise McIntosh, head of operations for asset finance at UTB, is leading the project and expects brokers to start benefitting from the re-platforming by the end of 2022.

The system will aim to allow the bank to accelerate its asset finance processes and enable 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.

UTB’s asset finance business grew originations by 136% in 2021 to become the bank’s fastest-growing division by business volume and headcount. That performance helped push UTB’s asset finance loan book beyond $250 million for the first time in the bank’s history.

“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,” Nathan Mollett, head of asset finance at United Trust Bank, said. “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.”

“We are thrilled to welcome UTB to the Alfa family,” Andrew Denton, CEO of Alfa, said. “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 scalable, 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.”