How financial companies are using technologies to scale their business

The financial industries of loans and insurance are very traditional and have existed for centuries. But with access to new technology, many are embracing new platforms and software to make their processes as effective as possible and scale their businesses.

From CRMs, messaging platforms and finding better ways to provide instant quotes and underwriting, we hear from some financial experts to better understand how technology is being implemented in their companies.

James Anderson, Operations Director, MT Finance (Specialist Lender)

“As a customer-focused business that specialises in bridging finance, the use of a Customer Relationship Management (CRM) system is essential for us to operate and achieve our goals. Our CRM system provides a central view of all the interactions and contact that we have with our brokers, borrowers and solicitors, so we can immediately review all our open cases and stay on top of everything.”

“Our internal messaging platform has been hugely successful during lockdown, with people working remotely and across the country. This internal chat tool helps us to provide instant messaging which bypasses traditional email and can be more responsive and collaborative. We really love this in the tech and marketing teams, and now we know that email is typically only used now for threads with external parties.”

“At MT Finance we always make a point of really thinking through the new technology which we use. It’s so important to make sure that tech always augments the one-to-one relationships which ultimately are at the heart of our business.”

David Beard, Founder of Lending Expert (Price Comparison Website)


“One of the greatest advances in technology over the last 10 years has been the ability to provide instant or provisional quotes for customers applying for different loans or insurance projects.”

“Imagine how long this must previously have taken, to manually fill in lots of paperwork and wait for a decision. But today, you can get an instant decision which is extremely tailored to you and takes into consideration hundreds or thousands of different data points.”

“The customer subsequently gets a much better product and a much faster outcome - which is great for brokers and price comparison sites like ours, since it boosts conversions and completion rates.”

Simon Taylor, Founder of Get Indemnity (Insurance broker)

“Technology is definitely the largest drive of change in the insurance market. Any opportunities for growth have usually favored organizations that have been able to adopt new technologies, whether that’s improving the customer journey, creating efficiencies, or utilizing data to make better decisions.”

“It is arguably smaller companies can implement things a lot quicker and or startups can use technology a lot sooner too in the process. For large companies, they have legacy systems and they may actually struggle to implement different technologies such as APIs, IoT, big data, AI, blockchain or cloud computing.”

“Open banking remains miles ahead of open insurance, but the untapped potential of the insurance market remains obvious. With changes to where we work, how we work, and the time spent completing administrative tasks well underway, the future looks increasingly bright.”

Dan Kettle, Founder of Pheabs (Loans connections service)

“Through different APIs and data science, we are able to offer an incredibly fast and effective underwriting process for people who are looking to short term loans or personal loans online.”

“Our system can use more than 8,000 data points, but still deliver almost an instant decision and once approved, we use FPS to transfer funds within 15 minutes.”

“The APIs allow us to pull in the requirements from different lenders across the US in real-time, so if they have a bigger or small risk appetite or wish to purchase more or less leads, this is all adjusted automatically into our system, which really helps us to scale, no matter when customers are applying, day or night.”

Featured Photo: Rawpixel
Previous Post Next Post