Products supported by the system range from finance lease, hire purchase and lease purchase to invoice finance, commercial loans and agricultural lending.
Because our software is, by design, highly configurable, it gives users the ability to make changes dynamically to both business and credit reference rules, providing flexibility to their decisioning models.
Users can challenge existing rule sets and write new rules to ensure continual improvements in the way they transact business.
So called ‘knockout rules’ maximise the underwriting efficiency, while the system empowers clients to create multi-factor rules such as customer age, credit score and loan to value.
Our clients can auto accept and auto decline and segment based on the rules they have put in place.
This level of flexibility is critical in many ways, including improving operational efficiency and reducing operational costs.
Writing an ever-increasing amount of new business is relatively easy. Writing the right kind of business is always more challenging.
The Sentinel platform gives users a deep and granular understanding of their customer data, helping to reduce default rates and improve the profitability of the business being done.
Many of our clients are growing rapidly and recognise the importance of harnessing the best and most intuitive lending technology that is highly configurable and able to meet their varying and changing needs.
They are ambitious and looking to scale at pace.
Because the Sentinel platform has been developed specifically for the finance sector, it means it can not only support a business’s core proposition, but also can help our clients diversify and add to their product portfolio as soon as they are ready.
For more information about Anchor’s Sentinel flexible loan and lease management platform or to hear how it is delivering for over 200 companies in the UK and internationally, please contact Darren Greenyer on 07398 093332 or email: Darren.firstname.lastname@example.org
https://www.anchor.co.uk/wp-content/uploads/2019/04/How-the-3-Fs-can-help-you-scale-your-finance-lending-business.png600900Anchorhttps://www.anchor.co.uk/wp-content/uploads/2018/01/logo2.pngAnchor2019-05-01 12:20:122019-04-29 12:24:23How the 3 Fs can help you scale your finance lending business
There may still be no sign of an end to the Brexit impasse, but this hasn’t stopped consumers from continuing to spend.
Warmer weather and improving real wage growth have been highlighted as key factors in the latest positive sales data.
According to figures from the Office for National Statistics (ONS), sales rose by 1.1% in March compared to February.
Analysts had been predicting a decline of 0.3%. The figures for March meant 1.6% increase in the first three months of this year compared to the final quarter of 2018.
The latest extension to the Brexit deadline, now pushed back to Halloween (October 31st), gave some analysts optimism for a further surge in consumer spending.
“The latest Brexit extension could see consumer confidence rise a little over the next couple of months as some no-deal concerns temporarily dissipate,” according to James Smith, economist at ING.
Motor manufacturers and retailers had a more mixed month with new car registrations falling by 3.4% in March – the key plate-change month.
Major brands such as Ford and Nissan were particularly badly hit with new registrations falling by over 18% in both cases – although the Ford Fiesta remains Britain’s best-selling vehicle.
However, there was much better news for Volvo, Citroën and Jaguar, which all saw their new registrations jump by more than 20%.
In addition to calling for a Brexit solution to be found sooner rather than later, The Society for Motor Manufacturers and Traders urged Government to put in place “more supportive” policies around vehicle taxation and other incentives.
The importance of maintaining healthy consumer confidence – and spending – is key to many of Anchor’s customers operating in the online finance sector.
While they, too, would like an end to the Brexit uncertainty, confidence remains strong in the online finance space with a number of new and existing clients looking to invest in their platforms to ensure the best possible customer experience while enhancing their own efficiencies, profitability and scalability.
For more information about Anchor’s industry-leading Sentinel platform, please contact Darren Greenyer on 07398 093332 or email: Darren.email@example.com
The Financial Conduct Authority (FCA) has published the findings of its latest investigation into the motor finance industry.
The FCA’s report was based on the analysis of loan data from 20 motor finance providers, along with a survey of lenders and a mystery shopping exercise.
It flagged up several concerns including the relationship with brokers and ensuring that the necessary affordability processes are complied with when authorising consumer loans.
The question initially set by the FCA was: “Are lenders taking the right steps to ensure that they lend responsibly, in particular by appropriately assessing whether potential customers can afford the product in question?”
While a dozen of the firms were said to have satisfactory processes in place, the responses provided by eight were deemed not to “provide sufficient details of the process used, or how this might vary depending upon the product and customer.”
It went on: “In a small number of cases, the focus appeared to be on credit risk, rather than affordability, with insufficient checks on ability to repay without the repayments having a significant adverse impact on the customer’s financial situation.”
In its report, the FCA reminded lenders of new CONC provisions including the requirement that “they must not lend unless they can demonstrate that they have had proper regard to the affordability risk in the individual case.”
Ensuring that our clients are fully compliant with requirements such as affordability is becoming an increasingly important part of our work at Anchor.
We are continually evolving our Sentinel Loan Management Platform to give our customers the tools and processes to be able to build into their systems the most robust assessment not just of someone’s credit worthiness but also, crucially, their ability to make repayments.
This means locking in the right checks and balances giving our customers the ability to evaluate and evidence a range of different data points.
New platforms are transforming how lenders can have the confidence that their systems and processes are fully compliant with the latest rules and regulations.
The technology exists to provide real-time data on a borrower’s ability to repay, looking at such things as someone’s disposable income and their discretionary over necessary spending patterns.
As the FCA says in its report: “Firms’ policies and procedures should set out clearly the principal factors to be taken into account in assessing credit worthiness, including affordability, in individual cases. The firm must assess and periodically review the effectiveness of its policies and procedures, and its compliance with CONC, and take steps to address any deficiencies identified.”
The onus on the lender to ensure it is fully compliant has never been greater.
https://www.anchor.co.uk/wp-content/uploads/2019/03/Are-you-meeting-the-FCAs-affordability-tests.jpg600900Anchorhttps://www.anchor.co.uk/wp-content/uploads/2018/01/logo2.pngAnchor2019-03-18 16:22:522019-03-18 16:24:18Are you meeting the FCA’s affordability tests?