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United Trust Bank chose Workato to power connectivity and integrate its new Alfa digital platform

By Joy Dumasia

July 14, 2022

  • Alfa
  • Asset Finance
  • Asset Management
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United Trust Bank (UTB) has chosen the enterprise automation platform Workato to provide the software integration layer, which will enable the bank to connect and integrate a wide variety of powerful tools and apps to its new core Asset Finance digital platform. UTB recently announced that it was partnering with software specialist Alfa to transform the Bank’s Asset Finance operations with an integrated digital solution improving broker service and supporting UTB’s ambitious growth plans.

UTB has commenced a project to move its Asset Finance operations to the Alfa Systems software platform. Asset Finance Head of Operations Louise McIntosh is leading the project and expects brokers to start benefitting from the replatforming by the end of 2022. Workato’s enterprise automation platform will allow UTB to plug-in various best in class apps and specialist FinTech, which are most suited to the tasks required to make transacting Asset Finance business with UTB as quick and easy as possible for brokers.

These apps and tools may include automated remote ID verification, secure document upload, electronic signing, instant credit check referencing, banking system integration for faster payouts, and powerful marketing and management information tools. The system will allow the Bank to accelerate its Asset Finance processes, enabling quicker underwriting of proposals and, subsequently, quicker pay-outs. Integrated APIs will allow UTB to connect to brokers’ proposal systems, streamlining the application journey and removing broker frustrations such as double-key deals.

Workato’s simplicity enables both business and IT teams to integrate their apps and automate business workflows without compromising security and governance. Alfa will provide the APIs then Workato will build what they call ‘recipes’ for all the services that the bank wishes to integrate. Workato utilises machine learning and patented technology to make the creation and implementation of automations 10X faster than traditional platforms. It will make UTB more API enabled and subsequently more responsive with system and process enhancements and in creating efficiencies, not just in the Asset Finance division but across the Bank as a whole.

Nathan Mollett, Head of Asset Finance at United Trust Bank, said: “The combination of Alfa and Workato will give us the ability to build a superbly specced operational platform which will simplify and accelerate deals, improve service and give us the scalability to achieve our growth objectives. This is a significant investment in technology which will bring many operational benefits not just to UTB’s Asset Finance business but to the Bank as a whole. I’m delighted that Asset Finance is pioneering this digital revolution at UTB, which will increase our capability and free up skilled people and resources to undertake tasks which really add value for brokers and customers.”

Robert Ekstrom, VP and GM of EMEA at Workato, said: “We are really excited about partnering with UTB and enabling the Bank to connect to and get the most out of its new core Asset Finance digital platform. Undertaking a digital transformation project can be challenging; however, UTB will reap the benefits from investing in this technology. We are excited to see the results and how the company continues to grow following its implementation.”

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