Another step in Automation

heart We are continuing to see many of the major players in the market investing heavily in front and back office systems. The reasoning behind these initiatives has been to control costs and increase market share by bringing greater efficiency to the client acquisition and advisory process. The regulatory environment that advisers transact advice and business in today has also played a significant part in driving forward these developments.

As part of this process Lenders have developed sophisticated extranets offerings, whilst packagers, networks and brokers have developed streamlined point of sale and back office systems allowing quick and effective advice and case submission. This investment in technology has created a new playing field in which to transact business to the benefits of all parties in the lending chain to include most importantly the consumer.

You would have assumed that this investment in technology would have removed the need for paper based processes. This is not the case as in reality paper still plays a significant role in the advising and processing of business. Checking on a client’s credit history and their ability to service the loan being applied for still invariably involves obtaining hard copies of credit files and bank statements for a manual review. This process can be time consuming and costly particularly where clients go through a sign up process with a credit reference agency and are then forced to try and cancel the arrangement before too many direct debits are taken. Other alternatives in the credit checking sphere tend to generate related marketing campaigns for a range of financial products which may cut across the advice being provided by the broker requesting this information.


The Click2Check service allows a broker to electronically request a client to undertake a credit check and open banking process which on completion is electronically submitted to the advising broker for review. This can be undertaken as a one off transaction without requiring the client to commit to ongoing checks and will not generate ancillary marketing from the provider of the data.

The Click2Check service can be integrated into point of sale solutions and return data responses to a CRM back office solution providing the adviser with valuable information at the time of advice and subsequently for ongoing compliance purposes.

The benefits of effectively automating this process are substantial. A manual approach will always have its limits based on an individual’s physical work capacity. In contrast an automated system can deal with numerous clients simultaneously particularly when determining whether a prospective client is being assessed prior to an advisory process commencing. Why spend valuable advisory time on clients when you know they are unlikely to be accepted by those lenders you deal with. The Click2Check service is aimed at adding additional value to the advisory process by delivering important information electronically at the time of first engagement.


Nick Berry