25th April 2017
London, April 2017 – With a focus on the used car customer experience at point of sale, leading motor finance provider, Raphael Finance, has invested in a range of new tools for its underwriting team. Designed to help finance brokers and motor retailers offer fast and effective decisions to their customers, the new back-office tools build on the blended approach that has become the benchmark for Raphael Finance, combining automated credit assessment with ‘eyes on every case‘ insight.
“Speed and accuracy of decisions is vital for brokers and dealers to ensure the right customers gain access to the finance they need and help them drive away happy”, said Darren Greenyer, Deputy Head of Lending, Raphael Finance. “Innovation over the last decade has seen ever-more automated decision processes for lending, but this risks the exclusion of some otherwise credit-worthy customers.
“Our goal with these new back office tools is to give our underwriters the ability to automate elements of the process without losing our ‘eyes on every case’ principle that ensures that all customers are judged entirely fairly”.
The new Raphael Finance Credit Gateway automatically identifies applications which would be declined. This leaves underwriters with more time to focus on cases which are more likely to be accepted, speeding up the application process for customers and helping motor traders seal the deal.
Complementing Credit Gateway, Raphael Finance has developed “Data Waterfall” to deliver greater customer insight and profiling to the company’s underwriters. Using a range of data sources including credit history and search data, “Data Waterfall” helps increase the speed and accuracy of underwriting decisions.
“Our focus on the back office tools which support the decisions being given to motor dealers and brokers, means every stage of the process, from application and assessment, right through to approvals, ensures used car buyers will enjoy a seamless buying experience”, continued Darren Greenyer. “And that has to be good news for brokers and motor retailers.
“Once again Raphael Finance is responding to the needs of brokers and motor dealers, helping them make more sales without unnecessary delays – vital for businesses operating in today’s competitive marketplace.”