Nucleus Commercial Finance today announces it has digitised the end-to-end user journey for all finance applications, including loans through the Coronavirus Business Interruption Loan Scheme (CBILS). Following significant investment in technology and a pilot to test it’s capabilities, businesses and brokers now benefit from almost instant decisions on applications up to £250k, ensuring SMEs can secure the funding they need quickly and easily.
Central to the new offering is its proprietary auto-underwriting capability which is being activated on all applications both from direct customers as well as through its market leading introducer portal – myNucleus. The system utilises advancements in machine learning to make decisions in under a minute, significantly reducing the time spent reviewing finance applications.
Nucleus Commercial Finance has also fully integrated with Open Banking technology, further improving the speed and accuracy of decision making for businesses. New features include automated ID verification and automated AML/KYC, which significantly reduce the administrative burden on both SMEs and their broker partners. This all contributes to a much smoother and more customer friendly experience.
To date, Nucleus has processed over 5,000 applications via auto-underwriting with instant decisions being provided on over two thirds (68%) of deals.
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.”