Blog
Helping new entrants break into the unsecured lending market
Date posted: Sep 23 '11 Posted By: Graham Donald Comments: 0
The popular TV show Dragon’s Den sees entrepreneurs with ideas and a vision of their target market pitch for investment to get their ideas off the ground quickly, with speed sometimes proving critical to prevent a rival stealing a march.
There are some parallels for lending in financial services. New entrants invariably have their financial product ready to go but sometimes struggle with their front end IT and back office processing systems. An outdated IT platform and insufficient administration resource to manage customer accounts can prevent an otherwise excellent product taking off in a market that is chomping at the bit for it.
HML is no Duncan Bannatyne or Theo Paphitis, but we do have the industry experts, technology, resource and experience to get new lenders to market quickly.
To do this, we’re working with our strategic partner Nostrum Group. The combination of Nostrum’s award-winning front end technology platform and HML’s 20 plus years experience in managing consumer accounts from cradle to grave is compelling. I’ve got 25 years experience in the consumer lending industry, selling all manner of loans and launching new products, so I know what a high quality back office environment looks like.
The unsecured lending market is worth somewhere between £220 and £240 billion in the UK, and there is no sign of demand slowing down. In an industry dominated by league tables, acquiring new clients is heavily reliant on competitive rates, but customer service is increasingly governing consumers’ choice of lender.
As a multi-site operation in England, Scotland and Northern Ireland, HML has the scale to meet peaks and troughs in demand. Your customers will speak to a UK based agent, who is experienced in customer support and they won’t have to wait for hours to do so.
Our operational design starts with end customer experience and works backwards to create the right process for your business so you can hit the right market at the right time with a highly competitive product.
