FR: What have been United Trust Bank’s biggest milestones over the last year?
Business volumes during the last six months of 2013 were more than 100% up from the same period during 2012. An important factor in this growth was the recruitment of two new BDMs during the year in Mike Bossom and John Cullingford, together with the addition of an experienced credit manager in Peter Price, demonstrating our commitment to considerably growing the asset finance book of United Trust Bank. Further additions to the sales administration team ensured that our service levels remained high.
FR: A recent survey you conducted showed that brokers expect asset finance to grow in coming months – why do you think this is?
More SMEs are now appreciating the benefits of asset finance when compared to the more traditional bank lending they used prior to the ‘credit crunch’ of 2008. The restriction or withdrawal of these bank facilities during that period have made many SMEs wary of relying on their Bank for all of their borrowing requirements. This has made it easier for brokers to discuss with their customers the range of benefits of leasing, hire purchase and refinance available.
FR: What do you feel is the most important thing for brokers to know about asset finance?
A high level of technical knowledge is an advantage. This will help to ensure that their customers are offered the best product and payment structure which is most appropriate to their specific requirements. They will therefore need to have a range of funding options available to them via their panel of funders and know their customers well enough to match the right product and funding option quickly and efficiently.
FR: How does the way UTB approaches lending stand out?
UTB sources 100% of its business via our broker partners. It is therefore vitally important, in a very competitive market, to offer an extremely attractive proposition to each and every broker whenever they approach us with a new business proposal. Service is the key, backed up by some competitive funding options. Our brokers can, if preferred, just pick up the phone and immediately talk to a decision maker who can advise on all aspects of a proposal to secure an early acceptance. Our approval process is fast and efficient, and is backed up by an exceptional service team who work closely with every broker to ensure that they are fully informed of approval and drawdown progress. All suppliers are paid by same day bank transfer to ensure that brokers’ customers can quickly take delivery of their new vehicle or equipment.
FR: What advice would you give to anyone looking to start up in the industry?
From a broker perspective, pick your funder panel carefully and make sure that you have the right funders available to cover your customer base. Crucially, make sure that the funders you work most closely with appreciate that the relationship works best when it is a partnership of equals, with mutual respect and trust on both sides. These relationships will last the longest and be beneficial to both broker and funder.
For someone joining the industry from new, I can only speak from personal experience and say that I benefited from joining a relatively small team where you were more likely to get exposure to a wider range of roles within a relatively short period, from administration, collections, sales and credit. This will give you a much broader experience of the industry, and even if you subsequently specialise in a particular role, the all-round knowledge you will have gained will be invaluable.
