Time Finance PLC Technology Infrastructure Update
03 February 2021 - 6:00PM
RNS Non-Regulatory
TIDMTIME
Time Finance PLC
03 February 2021
3 February 2021
Time Finance plc
(the "Group" or the "Company")
TECHNIOLOGY INFRASTRUCTURE UPDATE
Automation gathers pace aiding future scalability across the
Group
Time Finance plc, the AIM listed independent specialist finance
provider, is pleased to announce significant advances in the
development of its digital capabilities with a number of new
automated processes already implemented and more planned to be
introduced shortly across the Group's IT platforms. These will
enhance automation throughout the Group's product divisions and
provide further scalability to the business without material
increases in headcount.
Automation implementation
Ongoing systems enhancements, including automated links to
existing credit referencing agencies and to a new fraud detection
service, have been embedded within the Group's systems. This is
expected to lead to significant time saving within the underwriting
department as well as facilitating more efficient processing of
applications, further improving productivity.
Online introductions established
Enhancements to the Group's website have increased functionality
and now allows prospective introductions to be submitted online
through bespoke broker/client portals. This functionality
automatically loads prospects into the Group's front-end client
on-boarding system and will further aid future scalability since
potential deals submitted via this channel will be universally
formatted with uniform information uploaded. Combined with client
data automation developments, such as open banking, which is
currently being trialled, these steps will aid both the efficiency
of the new business origination teams in processing prospective
applications and in data capture and analysis.
Next steps mapped out in implementing 'assisted decision
engine'
Over the course of the current calendar year the Group intends
to complete its development and implementation of an assisted
decision engine. As well as auto-packaging lending applications
prior to review, thereby automating a number of aspects of client
onboarding in the new business departments, the ability to more
quickly 'auto-decline' ineligible applications will enable
underwriters to further focus their efforts purely on viable
proposals that meet pre-determined criteria.
James Roberts CFO comments:
"I am extremely pleased to see the investment the Group has made
over the last two years in our IT infrastructure now bearing fruit.
Greater automation is business-critical for the next phase of our
growth as it should mean the Group can scale without significantly
adding materially to overheads, with the added benefit of enabling
us to operate a flexible and streamlined office location model.
"In addition, embedding an industry-leading fraud detection
service into our systems should not only contribute towards future
scalability, but also enhance and futureproof the Group's existing
robust controls in minimising potential future write-offs as the
Group becomes ever more diligent in its underwriting of new
clients.
"The next stage of the Group's IT plans, involving the assistant
decision engine work, is very exciting. Whilst we will continue to
adhere to our crucially important policy of requiring human
intervention to review and make credit decisions on each new deal,
given the nuances of the funding solutions we provide, the ability
to utilise auto-decline technology will further enhance the speed
and volume of deals our underwriting teams can process on a daily
basis".
For further information, please contact :
Time Finance plc
Ian Smith, Chief Executive Officer 01225 474 230
James Roberts, Chief Financial Officer 01225 474 230
Walbrook PR 0207 933 8780
Paul Vann/Nicholas Johnson 07768 807631
About Time Finance:
Time Finance's strategy is to focus on providing or arranging
the finance UK SMEs require to fund their businesses and arranging
vehicle and property-backed finance for consumers. The
multi-product range for SMEs includes asset, vehicle, loan and
invoice finance facilities. The Group operates a "hybrid" lending
and broking model enabling it to optimize business levels through
market and economic cycles.
More information is available on the Company website
www.timefinance.com .
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