New finance tools to help used car buyers

The new back-office tools combine automated credit assessment with ‘eyes on every case‘ insight.

The new Raphael Finance Credit Gateway automatically identifies applications which would be declined.

This leaves underwriters with more time to focus on cases which are more likely to be accepted, speeding up the application process for customers and helping motor traders complete deals

The company has also developed a ‘data waterfall’, which helps increase the speed and accuracy of underwriting decisions by using a range of data sources including credit history and search data.

Darren Greenyer, deputy head of lending at Raphael Finance, said: “Speed and accuracy of decisions is vital for brokers and dealers to ensure the right customers gain access to the finance they need.

“Innovation over the last decade has seen ever-more automated decision processes for lending, but this risks the exclusion of some otherwise credit-worthy customers.

“Our goal with these new back office tools is to give our underwriters the ability to automate elements of the process without losing our ‘eyes on every case’ principle that ensures that all customers are judged entirely fairly.”

Raphaels Bank, formed in 1787, is one of the oldest independent banks in the UK and operates as a niche savings and lending bank with a portfolio of cash machines and a payment services division.