New investments in technology that will deliver valuable advantages for car dealers and their customers are being made at Startline Motor Finance.
Developments are under way in three areas – a new business portal to ensure payouts happen as quickly as possible after motor finance is approved, biometric eSign to enhance efficiency for car buyer applications, and a range of AI-style robotic process improvements.
Payout times for motor finance have been reduced by 30% following the introduction of the new business portal, which ensures car dealers now receive cash transfers much more rapidly.
Startline CEO Paul Burgess said: ‘We place huge emphasis on being able to make payouts to dealers and other introducers as quickly as possible once a car buyer has been approved for finance. The new technology is a genuine step forward in this area.
‘Our objective is always to work responsibly but quickly. We believe that motor finance should be an enabler to car sales rather than a hurdle, and part of that approach is ensuring that once a positive decision has been made, the payout is processed as quickly as possible.’
The new business portal consists of three elements:
First, a digital postbox is designed for dealers to submit documentation as easily as possible online.
Second, direct integrations mean dealers and introducers can access Startline’s systems directly.
Finally, a new internal web-based platform uses a series of algorithms to automatically place motor finance payouts in the most efficient order possible for review.
Utilising modern security technology, biometric eSign means motor finance applicants now undergo a biometric identity and verification check.
Burgess said: ‘This technology is impressive, with algorithms extracting biometric data from the selfie and comparing it to the image on the driving licence to determine whether the signer is genuine.
‘Fraud during motor finance applications is pretty rare, but this provides a new layer of security while also delivering a fast and easy online eSign process for applicants.’
Startline CEO Paul Burgess says motor finance should be an enabler to car sales rather than a hurdle
Finally, a range of AI-style robotic process automations are being undertaken to enhance many of Startline’s internal processes, smoothing out and speeding up repetitive tasks that are currently often undertaken by humans.
‘We have identified many small improvements that overall will add up to really worthwhile gains in the speed of processing,’ said Burgess.
‘It means benefits for our dealer and car buyer customers, and also better engagement from our staff.
‘Ultimately, it’s all about supporting an increasingly digitised motor finance sector with advanced tools that deliver outstanding results.’
Founded in 2013, Startline is one of the UK’s leading motor finance companies, providing flexible solutions to around half of the top 50 franchise dealers and 70% of the top 50 independent car retailers measured by turnover.
It also accounts for more than 2% of the motor finance market by volume.
Startline aims to deliver market-defining levels of customer service, compliance, innovation and insight. The company is headquartered in Glasgow, where it employs more than 200 people, and has a comprehensive sales presence throughout the whole of the UK.
For further details visit startlinemotorfinance.com.