Finova has launched data management software that it says boosts the way lenders onboard and manage their broker relationships.  

The cloud-based mortgage and savings tech firm says its Intermediary Manager application streamlines the onboarding process for lenders and brokers.   

The system can automatically share welcome packs and request necessary ID and due diligence documents at relevant times with all data held in one place.  

It also offers business development managers a flexible system to store details of their key accounts, notes from visits, and create tasks, or schedule appointments through an integrated calendar.   

The platform provides performance data, such as key performance indicator tracking, “and allows the capture of ‘softer facts’ such as a broker’s favourite cuisine or football team, to further enhance engagement”.  

The firm adds the system also supports marketing, by flagging what type of business lenders accept, as well as providing tools to communicate new initiatives such as product launches, withdrawals and criteria changes.  

It says: “For lenders, onboarding brokers can be a messy process using spreadsheets and disparate tools to run various due diligence checks.   

“The manual process is prone to human error, often leading to delays and frustration for brokers who want to submit mortgage applications quickly.   

“For brokers, onboarding with each lender can be a repetitive process, often needing to be repeated if they move firms.”  

The provider says the system has been tested “with a number of lenders”. 

Finova commercial director David Bennett adds: “We noticed the opportunity [for the new system] when a major high street lender came knocking, looking for software to solve their problems with poor broker management.”  

“The early impact of streamlining onboarding and improving broker engagement has been great to see.”