United Trust Bank (UTB) has chosen leading enterprise automation platform Work providing the software integration layer that will enable the Bank to connect and integrate a wide range of powerful tools and applications with its new core Asset Finance digital platform.
UTB recently announced that it had partnered with a software specialist Alpha transform the Bank’s Asset Finance operations with an integrated digital solution that improves the brokerage service and supports UTB’s ambitious growth plans.
UTB has started a project to transfer its Asset Finance operations to the Alfa Systems software platform. Asset Finance Head of Operations Louise McIntosh is leading the project and expects brokers to start taking advantage of the revamp by the end of 2022.
Workato’s enterprise automation platform will enable UTB with a variety of top-notch apps and specialist fintech best suited to the tasks required to make Asset Finance business with UTB as quick and easy as possible for brokers.
These apps and tools may include automated identity verification, secure document upload, electronic signature, instant credit check reference, banking system integration for faster payments as well as powerful marketing and management information tools. The system will enable the Bank to speed up its Asset Finance processes, resulting in faster underwriting of proposals and subsequently faster disbursements. Integrated APIs will enable UTB to connect to brokers’ proposal systems, streamlining the application journey and eliminating broker frustrations such as having to duplicate deals.
Recognized as a leading enterprise automation platform, Workato’s simplicity enables both business and IT teams to integrate their apps and automate business workflows without compromising security and governance. Alfa will provide the APIs then Workato will build what they call ‘recipes’ for all the services the Bank wants to integrate. Workato uses machine learning and patented technology to automate creation and implementation 10X faster than traditional platforms. It will make UTB more API enabled and subsequently more responsive with system and process improvements and create efficiencies not only in the Asset Finance division but across the Bank as a whole.
Nathan Mollett, Head of Asset Finance at United Trust Bank, said: “The combination of Alfa and Workato will enable us to build a top-spec operating platform that will simplify and accelerate markets, improve service and give us the scalability to achieve our growth objectives.
“This is a significant investment in technology that will bring many operational benefits not only to UTB’s Asset Finance business but to the Bank as a whole. I am delighted that Asset Finance is at the forefront of this digital revolution at UTB which will increase our capabilities and free up skilled people and resources to undertake tasks that add value to brokers and customers.”
Robert Ekstrom, VP and GM of EMEA at Workato said: “We are delighted to partner with UTB and enable the Bank to connect to and make the most of its new core digital Asset Finance platform. Undertaking a digital transformation project can be challenging, but UTB will reap the benefits of investing in this technology. We are excited to see the results and how the company continues to grow after implementation.”
United Trust Bank
United Trust Bank (UTB) is a growing specialist bank providing a wide range of secured financing facilities for individuals and businesses and deposit accounts for individuals, businesses and charities.
The Bank has dedicated divisions providing development finance, bridge finance, structural finance, asset finance and mortgages and their in-depth knowledge combined with commercial awareness make the lender of choice for finance brokers, developers and individuals who seek a high quality, customized service and a reliable source of financing.
UTB was named ‘Specialist Bank of the Year’ at the Bridging and Commercial Awards in 2021, 2019, 2018 and 2016 and is the only lender to win the award four times.
United Trust Bank was incorporated in 1955. It is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UTB is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. The Bank is a member of UK Finance, a Patron of the National Association of Commercial Finance Brokers (NACFB), a Member of the Finance & Leasing Association (FLA), the Intermediary Mortgage Lenders Association (IMLA) and a Member of Short Term Lenders (ASTL ).
The leader in enterprise automation, Workato helps organizations work faster and smarter without compromising security and governance. Built for Business and IT users, Workato is trusted by more than 11,000 of the world’s top brands like Broadcom, Intuit, Box, Autodesk, and HubSpot. Headquartered in Mountain View, California, Workato is backed by Altimeter Capital, Battery Ventures, Insight Venture Partners, Tiger Global, and Redpoint Ventures. For more information, visit www.workato.com or contact us on social media:
United Trust Bank Asset Finance selects Workato to power connectivity and integration for its new digital platform Alfa –
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