Lloyds to automate asset finance

Lloyds Bank is rolling out new tech to make it easier for its customers to use asset finance to manage working capital.

The bank has partnered with software business Alfa, which is supplying the technology.

Due to supply chain issues, some companies have built stocks to offset disruption and price volatility. This can be difficult for managers because using money from reserves ties up cash that could have been used to fund assets that boost growth or protect businesses when financial disruption occurs.

Asset finance can help by enabling these companies to buy assets that support growth at the same time as keeping the working capital necessary for financial resilience amidst supply chain disruption.

Lloyds will transition to Alfa’s cloud-based system which automates its asset finance solution’s customer servicing, income collection and recovery and pay-out handling.

The technology will be rolled out later this year.

The bank will also use API connectivity to deliver a fully digital asset finance journey to customers.

“The pandemic saw large numbers of businesses across the UK accelerate their transformation plans and embrace new technology to lower their costs and transition towards net zero,” said Chris Loring, managing director of lending & asset finance, Lloyds Bank. “Businesses also now expect more connected digital experiences as standard giving them greater control over their finances.

“Our partnership with Alfa is a significant step forward in improving our customer experience, including digital capability, to support our product development plans and help us grow our asset finance business.”

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