Finova launches new data management platform

Finova has launched a new data management platform, Broker ID, which aims to reduce the time and costs of broker onboarding and due diligence for lenders.

The platform collects information from multiple data sources, including the FCA and Companies House, and stores it all in a trusted centralised location, which is accessible to all users.

According to Finova, the platform reduces the number of manual checks, and simplifies and streamlines the broker onboarding process.

It also offers a proactive panel management, better understanding of customer base, risk assessments, and improved data retention and quality.

The cloud-based platform can be used as a standalone product or integrated into the lender’s system via APIs.

It is already in use across various departments — including onboarding and case verification, marketing, risk and compliance, new business development and IT — at 23 lenders.

The mortgage platform is due to expand later this year to include Creditsafe and the Information Commissioner’s Office to help lenders conduct thorough due diligence and support GDPR compliance.

Melanie Spencer, head of Finova, said: “Without effective data management, lenders are unable to gain necessary insights or perform required business tasks — Broker ID solves this, and is a single source of truth lenders can rely on. 

“The platform saves lenders both time and money through a holistic approach which streamlines business processes and gives users instant access to the data they need. 

“Whether it be during the onboarding process or when conducting a risk assessment, lenders can make informed decisions with confidence.”

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