Close Brothers Motor Finance announces partnership with Experian to unlock new data in customer finance applications
Close Brothers Motor Finance today announces the launch of a new underwriting platform, in partnership with Experian, to transform customer onboarding processes. The partnership will play a critical role in streamlining its customer journey, dramatically improving outcomes for dealers, brokers and their customers.
Experian’s PowerCurve Originations solution will make it quicker and easier to get a decision for a motor finance application for UK-based customers. In partnering with Experian, the enhanced platform will provide rich data all in one place, making checking customer information quicker and more efficient and allowing the more straightforward lending decisions to be automated and instant. This will free up time for Underwriters to work on more complex finance proposals.
For Close Brothers Motor Finance’s dealer partners, the new platform will enable faster decisions for a large proportion of their customers, whilst maintaining that personal service for those proposals that need dedicated underwriter engagement.
The solution has been built to support the underwriting of proposals from both sole applicants and joint applicants, but additional features include the introduction of commercial bureau data, business validation tools and an enhanced commercial scorecard. Integrated into the PowerCurve platform, these features will be a huge benefit to Close Brothers Motor Finance customers that operate as Limited Companies, Sole Traders and Partnerships too.
For consumers, the introduction of additional credit file information will help make buying their car, van or motorbike on finance more streamlined from start to finish. Specifically, the underwriting platform allows Close Brothers Motor Finance to offer responsible lending solutions tailored to a customer’s individual circumstances based on accessing extended data – a capability which is even more important after the financial disruption of the pandemic.
Having increased access to data means that Close Brothers Motor Finance is in a better position to inform the lending decisions of customers, while reducing the need for supporting paperwork – helping them get behind the wheel of their new purchase sooner.
Seán Kemple, Managing Director of Close Brothers Motor Finance, said: “Introducing more digital tools to support our dealer partners with the online purchasing journey remains a top priority for the business, as does using data to ensure affordability is front and centre of our decision on every finance application.
“Experian’s Powercurve Orginiation ticks those boxes. It follows the rollout of other finance tools including online finance calculators as well as our Remote Quote & Apply functionality, with more online smart tools to follow in the coming months. It’s now easier for car-buyers to access the right finance options for their individual circumstances, and for dealers to deliver informed, tailored approaches to customers that are time efficient and effective.
“Partnering with Experian, will unlock a wealth of data that will speed up processes for dealers and customers alike, making it simpler than ever for people wanting to get their hands on a new car with the right finance agreement for them.”
Steve Pulley, UK&I Managing Director of Decision Analytics at Experian, said: “Making a decision today needs to be quick and easy for consumers but to do this requires rapid orchestration of a variety of data and analytics. CBMF’s approach to digitising their underwriting journey for auto finance dealers is a great example of this, delivering speed and efficiency but also better customer outcomes. This really epitomises Experian’s strategy to bring our breadth of capabilities together to transform customer processes and the consumer experience as we have proudly done in partnership with Close Brothers Motor Finance.”