2 minute read
Note from headline sponsor
The bigger picture
Banking innovation is about more than just tech
Nicola Tunney Head of Operations Allica Bank
The future of banking is digital. No one is disputing that. But too often brokers and businesses are finding themselves short-changed by innovation, with automation and streamlining often coming at the expense of the broker and customer experience.
As a relationship-focused digital bank – one firmly committed to the value of human relationships with our brokers, and the importance of human credit decision-making – our view is that technology should enhance relationships, not replace them.
This means taking a holistic approach to innovation. One that thinks beyond just ‘what can we automate?’ to what is going to improve the broker and customer experience as a whole.
Take, for example, our ‘deal’ teams. These cross-functional squads are built around each individual business development manager (BDM). Their goal is to get deals done quickly and transparently by enabling all parties to manage the deal through to completion, stay fully informed on its progress, and act as a champion for the broker and customer at each stage.
BDMs work directly with an underwriter, a member of the credit operations team, a valuer, and a solicitor until a loan is drawn down. This close collaboration and open approach ensures that communication is strong and effective both internally and with our external partners.
This may not be what comes to mind when someone mentions the word ‘innovation’, but it’s proven to be an incredibly popular way of working among our broker partners. And I don’t know anyone else working as collaboratively as this!
Tech that empowers, not replaces
Of course, none of this could be done without our technology. But that’s where our focus on empowering our people, not automating them, makes the difference.
Our introducer portal – rated as ‘excellent’ by 44% of brokers in our latest survey – makes applications easier than ever and lets brokers get real-time updates on the progress of their cases. This, in turn, means our BDMs can spend more time solving issues for brokers, rather than simple admin.
Automation, where appropriate, frees up our underwriters to focus only on what they do best: assessing applications quickly. Our technology also enables us to collaborate closer than ever with our external partners, and communicate more transparently and seamlessly with our customers.
At a time when many banks are choosing between technology and relationships – I’m glad I work for a bank that does both.
