United Trust Bank (UTB) integrated a new technology platform into its asset finance operations by partnerning with asset finance software specialist Alfa and enterprise automation platform Workato to create an integrated digital solution offering a variety of tools and apps aimed at improving service levels, speed of decisions and payouts.

The technology upgrade provided new functionalities, including instant credit check referencing, banking system integration for faster broker payouts and deposit payments of up to £25,000 ($30,221) by direct debit. The system also provides UTB with a variety of management information tools.

In addition, UTB, Alfa and Workato are developing enhancements, including the ability for UTB to auto-underwrite straightforward proposals falling within pre-set parameters, giving brokers instant decisioning on some deals. In addition, the integration of APIs will allow UTB to connect to brokers’ proposal systems, streamlining the application journey and removing broker frustrations, such as the need to double-key deals.

UTB Asset Finance describes its approach as ‘people powered technology’ with the focus still firmly on the relationship the bank has with its broker partners and its commitment to providing direct access to underwriters.

“This marks the beginning of an exciting new chapter for UTB’s asset finance business,” Louise McIntosh, head of operations for asset finance at United Trust Bank, said. “It’s one thing to provide a quick service now and again, but for brokers, consistency and reliability is key. This investment in the latest technology from Alfa, Workato and other fintech leaders gives us the ability and all important resilience to deliver an outstanding experience time after time.

“This digital revolution increases our capability, sets up our future growth and enables our highly skilled people to focus on the tasks which really add value for brokers and customers when dealing with UTB.”

“We’re delighted to be at the heart of the integrated solution UTB has put in place to enable their ambitious growth plans.” James Paul, chief delivery officer at Alfa, said. “By selecting Alfa Systems and using the Alfa Start methodology alongside other modern platforms, they have been able to deliver a true digital platform in a compressed timeframe, which will deliver excellent service levels to brokers.”