Metro Bank has announced the launch of its new digital car loan product.
The hire purchase loans, which come under the RateSetter brand, are for used cars which are available through motor brokers.
CarFinance 247 and Motion Finance are the first brokers to pilot the loans.
Metro Bank said it expects to launch the product with more partnerships over the coming weeks.
RateSetter uses technology to provide loan quotes using an automated decision-making processes.
The bank said that the paperless application process allows eligible customers to get instant approvals which mean they can drive their car away on the same day.
“By providing an efficient and market-leading end-to-end journey through RateSetter technology for our broker partners, we’re ensuring quick, reliable and data-led decisions for their customers,” said Lloyd Collect, head of sales motor finance, Metro Bank.
Metro Bank was recently hit with a penalty of £10 million after it breached listing rules by publishing incorrect information to investors.
Craig Donaldson, the bank’s former chief executive, and ex chief financial officer David Arden were also fined a combined £350,000 by the Financial Conduct Authority (FCA) for allegedly knowing about the error.
Latest News
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories