United Trust Bank partners with Alfa Partner to transform its asset finance business

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United Trust Bank (UTB) has partnered with software specialist Alfa to transform the bank’s asset finance operations with an integrated digital solution enhancing brokerage service and supporting UTB’s growth plans. Some of UTB’s other plans for the partnership include the ability to automatically underwrite simple proposals within predefined parameters, allowing brokers to make an instant decision on certain trades.

As part of this partnership, UTB has launched a project to move its asset finance operations to Alfa Systems’ software platform, a versatile system that 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 asset finance operations at UTB, is leading the project and expects brokers to start benefiting from the new platform by the end of 2022.

The system will aim to enable the bank to speed up its asset financing processes and enable faster underwriting of proposals and, subsequently, faster payouts. Alfa also enables API integration that will allow UTB to connect to broker proposal systems.

UTB’s asset finance business grew its originations by 136% in 2021 to become the bank’s fastest growing division in terms of business volume and headcount. This performance helped push UTB’s asset finance loan portfolio past $250 million for the first time in the bank’s history.

“This is a substantial investment in technology that will launch 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 brokerage service,” Nathan Mollett, head of asset finance at United Trust Bank, said. “As one of the very few ‘broker-only’ funders, we are committed to providing our partners with a fast and easy journey from proposal to payment, and as we continue to attract increasing volumes of business , it is essential that we achieve a better balance between maintaining high service levels and achieving strong growth.This partnership with Alfa will give us greater capacity and greater automation of routine tasks, accelerating the maintenance and enabling us to free up skilled people, allowing them to add value in ways that only human interaction can.

“UTB is almost unique in its encouragement of direct communication between brokers and underwriters and it is a USP that we will continue to tout. This ambitious investment in technology underscores our commitment to the asset finance market and does not is just the start of a program that will put UTB at the forefront of digital solutions while allowing us to maintain that all-important personal contact with brokers.

“We are delighted to welcome UTB to the Alfa family,” said Alfa CEO Andrew Denton. “UTB is a successful, ambitious and progressive funder with an excellent reputation in the market and a differentiated approach to doing business. We are proud that Nathan, Louise and the team have chosen Alfa to provide the technology base that will ready for the future; a scalable and agile platform that allows them to achieve their growth ambitions while maintaining their differentiation. And we are delighted that Alfa Start will get them there in record time.

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