Non-bank lender Pepper Money has partnered with software company Appian to support its asset finance loan origination solution SOLANA.
SOLANA has allowed Pepper Money to grow its business by 70% while improving efficiencies.
The growth was achieved by increasing the Pepper Money credit and settlements team’s productivity, with each team member processing 53% more applications.
Pepper Money worked with Appian and its Low-Code Platform to develop SOLANA as a market-leading solution for the creation and end-to-end processing of finance applications for a wide range of asset types across both consumer and commercial asset finance and novated Leasing.
Pepper Money chief information officer Steven Meek (pictured) said SOLANA had enhanced the asset finance application journey for staff, customers, introducers and partners.
“As well as increased business volumes, SOLANA’s automation of credit rules, scorecards and conditioning provides our customers with an initial approval decision within minutes of submitting their applications and a third of applications are approved in under one minute,” Meek said.
Read more: Stamford Capital launches fintech offering
The new platform has been well received within the mortgage industry.
“Pepper Money has published an extensive set of APIs covering a wide range of scenarios,” said Perth brokerage Loans Unlimited director Neil Bennett.
“They have quickly become one of the most forward-thinking finance companies in our sector.”
Meanwhile, Perth brokerage Bizi Loans managing director Ben Needle said Pepper Money had provided brokers with an industry-leading suite of APIs.
“Scenarios range from application submission to status updates, document generation and settlements,” Needle said.
SOLANA enables introducers to create and process the loan applications via an intuitive user interface with built-in controls to align to policies and support the business process.
Appian APAC regional vice president Luke Thomas said this was one of the solutions and key benefits in its suite of APIs.
“This allows Pepper’s partners or introducers to interact with SOLANA from their own CRM systems to complete the entire finance journey,” Thomas said.
“This new innovation allows introducers to avoid rekeying between their own system and Pepper’s and also reduces the training required for their staff.”
Read more: Suncorp extends SME loan terms to 30 years
SOLANA also provides electronic documentation and e-signing capabilities by using Appian’s Low-Code Platform which allowed Pepper Money to revise its business processes, increase automation and integrate various external sources to provide a faster and more scalable solution.
“There has been a significant reduction in the time it takes staff to complete their tasks, including validations and controls that help avoid errors,” Meek said.
“This improved efficiency has led to a considerable decrease in overtime requirements of the teams, and SLAs are still being met even though volumes processed are growing.”
SOLANA was a global finalist in the 2022 Appian Excellence in Low-Code Awards.
The annual awards honour companies’ leading exceptional business transformation programs with low-code technologies. SOLANA was recognised as disrupting its market and serving as a catalyst for a new standard in how work is done.