Nucleus Commercial Finance digitises user journeys for finance applications

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UK-based Nucleus Commercial Finance has announced that it has digitised the end-to-end user journey for all finance applications, including loans through the CBILS. The company will be offering its proprietary auto-underwriting capability, which is being activated on all applications both from direct customers and through its introducer portal – myNucleus. The system utilises advancements in machine learning to make decisions in under a minute, thus reducing the time spent reviewing finance applications.

Chirag Shah, CEO, Nucleus Commercial Finance, said, “In this challenging environment, businesses need access to flexible finance, and they need it fast. Over the past 18 months, we’ve invested heavily in technology to deliver the best outcomes for our customers, resulting in a much smoother process for introducers and businesses alike. Our investment doesn’t stop here as we always look to the future, in order to be the best partner to Britain’s businesses.

“We’ve already approved more than £100m for SMEs since the coronavirus outbreak, and with automated underwriting in place, we can continue our mission of helping Britain’s businesses to thrive.”

The company has also integrated with Open Banking technology to improve the speed and accuracy of decision making for businesses. The new features include automated ID verification and automated AML/KYC, aiming to significantly reduce the administrative burden on both SMEs and their broker partners.

Nucleus Commercial Finance has processed over 5,000 applications via auto-underwriting with instant decisions being provided on over two thirds (68%) of deals.