Fintech lending platform Freedom Finance has launched a revamped platform to increase speed and efficiency for borrowers and lenders.
Freedom Finance was established in 2007 to develop a loan application platform and the firm's latest platform uses personalises the process for each customer.
The firm offers an intermediary service where borrowers can input their details and answer some questions and the platform can then show which lenders and policies are best for them from the firm's panel of lenders.
It also provides instant loan quotations by matching personal information and credit bureau date with their lender's criteria and scorecards.
The platform uses an API gateway so when the customer types in all their details, the gateway can plant those details into a lender’s system and the lender does not have to re-input the customer’s information.
The new platform uses advanced analytics to identify gaps in the market and to serve a broader range of customers.
Freedom Finance stated the development of an API gateway would make the business significantly more agile and responsive while making all lending products available across multiple channels, including web, mobile and phone.
Nick Allen, chief technology officer at Freedom Finance, said: "By collaborating and consulting with our customers and our panel of lenders, we ensured our platform developments responded to market requirements, as well as the needs of our customers."
Mr Allen said technology had brought a wealth of opportunity to the personal finance market, and by providing lenders with sophisticated human touch and support, Freedom Finance was giving customers the opportunity to make better-informed decisions.
Nick Morrey, product technical manager at John Charcol, said the issue was these systems could stray into giving advice.
He said: "Freedom Finance will have to deal with the issue about robo-advice. In order to help the client decide what is best for them, the system may have to give some kind of advice."
Mr Morrey also said it would be difficult for the firm to respond to the ‘changing needs of the lending market’ as it was not possible for lenders to change their products very quickly.