SmartFinance Hub platform for brokers has been launched
FXE Technologies (FXET) celebrated the expanded SmartFinance Hub proposition with an exclusive group of lenders and brokers at an event held at Lord’s Cricket Ground.
FXET’s SmartFinance Hub connects the ecosystem of brokers and funders and provides an intelligent, efficient and compliant proposal management solution. By working with brokers and funders, SmartFinance Hub is addressing key challenges in the sector:
- • The ‘first wave’ of digitalisation in the asset finance market has introduced inefficiencies – expecting brokers to log-in to each lender’s portals while also leading to increased multi-propping and declining ‘look-to-book’ ratios. SmartFinance Hub delivers a single journey and instant assessment outcomes across a panel of funders.
- • Independent brokers are finding it increasingly difficult to invest in the systems and processes that are expected by funders to evidence compliance and maintain funding lines. SmartFinance Hub provides brokers with digital tools that enable them to maintain funding lines and deliver access to the best funding solutions.
- • The sector is under scrutiny to evidence good outcomes for clients. Both the FLA and NACFB have recognised the need to tackle these obligations as a sector, e.g., through an industry-wide code of practices and audit standards. The FXET platform can support the consistent delivery against these standards, for example by capturing needs of customers or source of introduction for every proposal.
“We have been working with brokers and funders since 2021, powering through SmartFinance Hub the assessment of lending proposals for prominent funders in the Asset Finance industry. We have demonstrated that our digital proposal management solution cuts the time to decisions to hours and reduces the need for documentation by 50%,” said Katrin Herrling, CEO at FXE Technologies. “We are now making SmartFinance Hub available to brokers and funders to connect seamlessly. Giving brokers a single portal to connect to funders and get instant feedback on fit of a proposal. While giving funders the tools to manage their broker channel efficiently, providing faster decisions and gaining comfort that compliant processes are being followed.”
Norman Chambers, MD of the NACFB, Stephen Bassett, representing Broker Zone, and Philip White, CEO of The Broker Hub discussed the role technology will play in helping stakeholders shape the future of the sector by addressing challenges like evidencing compliant processes without creating an onerous administrative overhang.
Philip White of The Broker Hub commented “What FXE Technologies has devised is a significant leap forward to delivering efficiencies in SME lending.” He continues, “The team from FXET have worked closely with the market to devise a platform that provides benefits and advantages for both lenders and brokers. It will enable both parties to evidence compliant processes as well as seek out the best deals and funding solutions for their clients and complete them more efficiently. I’m very excited about seeing this platform being adopted across the industry and driving change.”
