Quicker decisions with Asset Finance API from Lloyds

Alan MacRae, Broker Director, Asset Finance at Lloyds Bank writes: At Lloyds Bank we’ve continued to innovate and build our strategic capability with the launch of our Asset Finance API for brokers.

An Application Program Interface (“API”) allows two applications to communicate with one another. In this context, it acts as a bridge between a broker’s customer relationship management system and ours. The API is a secure and efficient method for Asset Finance brokers to submit and track credit proposals and removes the need for us to manually enter proposal data.

When consulted, our brokers indicated that funders reducing their time to decision was a key priority for them when selecting who to place their business with. In response, we worked with brokers to find a solution.

Designed to reduce the average time to decision, the API gives brokers a smoother and more transparent experience. This improved agility will make a significant difference to brokers, giving them a lead in the market and helping them stay front-of-mind when it comes to winning business.

The API offers improved straight-through processing, saving both time and effort, whilst improving data accuracy. As well as speeding up time to decision, brokers will also be able to see real-time status updates on their live proposals. Facilitating a better customer experience and removing the need for manual update requests.

“This API enables our team to submit proposals and get decisions far quicker than before and it fits seamlessly with the technology we’re developing in-house, too.” - Sue Chapman, Managing Director, Midlands Asset Finance Limited

Key benefits of the new API:

 •Proposals taken directly from broker’s customer relationship management system

•Significant reduction in set-up time

•Process intervention reduced by 87pct

•Quicker credit decisions

•Real-time status updates

•Improved relationships with clients

“It was a pleasure working with Lloyds Bank to deploy a core front office integration. They pulled together experts from very disparate procurement, integration and IT infrastructure teams to help us integrate and deploy in a matter of weeks. They beautifully blended the thoroughness of a traditional bank with the agility of a start up.” - Kaushik Chakravarti, CEO, ConnectedFi

This is part of our continual investment into digital innovation. The API Team are able to co-create propositions with business and rapidly develop them with agile methodologies – allowing us to support a business’s own digital transformation.

 We can you deploy the Asset Finance API in a short timeline – usually just a few weeks. We can also advise on how it will smoothly integrate with your existing technology. If you are keen to find out how you can leverage the benefits of the API, contact your Broker Manager today.

 Find out more here:

https://www.lloydsbank.com/business/commercial-finance/asset-finance.asp

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