Data platform to streamline broker onboarding

Data platform to streamline broker onboarding
Photo: Burak Kebapci [Pexels]

A data management platform designed to streamline onboarding and due diligence processes for mortgage advisers and lenders has launched to the UK market.

The software, called BrokerID, developed by banking technology firm Finova, collects information from multiple data sources, including the Financial Conduct Authority, Companies House and Finova.

It has been designed to store the data in a centralised location, accessible to all users, removing the need for lenders to carry out manual sourcing of data.

The platform is cloud-based, and can be used as a standalone product or integrated into the lender’s system via APIs.

Melanie Spencer, head of Finova's payment and mortgage services, said: “The platform saves lenders both time and money through a holistic approach.

"It streamlines business processes and gives users instant access to the data they need."

It is already in use across various departments including: onboarding and case verification, marketing, risk and compliance, new business development and IT at 23 lenders.

Earlier this month (April 2022), FTAdviser reported on an increasing number of fintech lenders entering the UK mortgage market.

Josh Lillie, a mortgage, insurance and equity release adviser at Boon Brokers, stated at the time: “In the past few years, fintech lenders have seen an opportunity. High street lenders are slower to adapt, because they’re so large they have all these processes."

He added: “From an adviser’s point of view, it’s nice to be able to offer a fintech lender as an alternative. You’re seen to be more knowledgeable and it gives clients more options”.

While BrokerID is not a lender, the functions that it aims to provide include:

  • Reducing the number of manual checks
  • Streamlining the onboarding process
  • Proactive panel management
  • Better understanding of customer base
  • Carry out risk assessments
  • Improved data retention and quality.

The platform aims to expand later this year to include Credit Safe, helping lenders conduct thorough due diligence, and the Information Commissioner’s Office to support GDPR compliance.

Spencer said: “Without effective data management, lenders are unable to gain necessary insights or perform required business tasks." She said BrokerID aimed to solve that.