United Trust Bank (UTB) has announced a new partnership with software firm, Alfa, to transform the bank’s asset finance operations.

The move sees the integration of a digital solution to improve UTB’s broker service and support its growth plans.

UTB has commenced a project to move its asset finance operations to the Alfa Systems software platform, a multi-featured system which will be delivered via the Alfa Start methodology, which is designed to accelerate systems change with minimal risk.

The bank’s asset finance head of operations, Louise McIntosh, is leading the new project and expects brokers to start benefitting from the re-platforming by the end of 2022.

UTB’s asset finance business grew originations by 136% in 2021 to become the bank’s fastest-growing division by business volume and headcount. This has helped to push UTB’s asset finance loan book beyond £250m for the first time in the firm’s history.

The new system will allow the bank to accelerate its asset finance processes enabling quicker underwriting of proposals and subsequently quicker pay-outs. Alfa also enables the integration of APIs which will allow UTB to connect to brokers’ proposal systems and streamline the application process.

Head of asset finance at United Trust Bank, Nathan Mollett, commented: “This is a substantial investment in technology which will kick-start 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 broker service.

“This partnership with Alfa will give us greater capability and automation of routine tasks, accelerating servicing and allowing us to free up skilled people, enabling them to add value in ways only human interaction can.

“UTB is almost unique in its encouragement of direct communication between brokers and underwriters and that’s a USP we will continue to shout about.”

Alfa CEO, Andrew Denton, added: “We are thrilled to welcome UTB to the Alfa family. UTB is a successful, ambitious and progressive funder with a terrific market reputation and a differentiated approach to doing business.

“We are proud that Nathan, Louise and the team have chosen Alfa to provide the technology foundation to make them future-ready; a scaleable, agile platform that allows them to fulfil their growth ambitions whilst maintaining their differentiation. And we are excited that Alfa Start will get them to that place in double-quick time.”

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