ALPHABET has introduced a new automated scorecard system that promises to speed up the underwriting of customer proposals.
The new system aims to reduce costs for brokers while customers will benefit from lower rental rates thanks to greatly reduced manual intervention during the underwriting process.
The broker funder says the new system is ‘transformational’ in the way underwriting is conducted, now that it has control over a new in-house scorecard system.
The scorecard, which is linked to credit analyst Experian, allows the company to modulate acceptance conditions internally which allows the processing of a greater number of customers through credit assessment. Richard Chadwick, the head of Alphabet Partner, at Alphabet (GB), comments:
The new system provides greater flexibility and increases the rates of automation within Alphabet’s underwriting process, which in turn makes it faster, cheaper and easier for everyone involved.
Chadwick goes on to say that, following overwhelming demand during 2020 for Alphabet underwriting, the leasing company resorted to some price adjustments in order to control and manage the volume of enquiries. “Now we can control the scorecard in-house, we will be able to handle more business in the future,” continues Chadwick.
Alphabet is always investing to improve its systems and processes on a continuous basis, which ensures customers receive the very best experience every time. We also expect brokers will be able to do more business with us thanks to the reduced rental costs, making Alphabet a strong competitor in the leasing market.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
