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Asset finance brokers with the major aggregator can now manage the entire asset finance loan process within a single platform, following a new tech integration.
Connective Asset Finance – the asset finance division of major aggregation group Connective – has integrated with commercial finance loan matching platform Financeable to offer its brokers an “end-to-end technology solution” for asset and business finance.
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Financeable is a loan-matching platform that covers both NCCP and non-code business finance. Co-founded and headed up CEO Dhiren Shah (a former head of commercial auto and equipment finance at Pepper) in 2021, Financeable covers the qualification, quoting, and application process.
The platform has now been integrated into Connective’s technology platform, Mercury Nexus, enabling brokers to manage the entire loan process within a single platform. The integration will reportedly help deliver speedier approvals for clients given the efficiencies.
Speaking of the integration, Brent Starrenburg, the head of Connective Asset Finance, said: “The integration of Mercury Nexus and Financeable represents a significant step forward in helping brokers streamline their processes and enhance their productivity.
“We’ve always been focused on how we can help brokers grow their business. This integration will allow brokers to reduce admin so they can spend more time on client relationships, and deliver better customer experience with faster approvals, which is more important than ever as we continue to navigate through sustained inflationary and challenging economic times.”
Starrenburg said that the integration brings together multiple steps in the asset finance loan writing process into one ecosystem.
“From quoting, lead capturing, comparisons and lodgments, it brings in lender APIs streamlining the submission aspect of the deal and assists with facilitating diversification of brokers’ lender mix,” he said.
“It integrates ASIC extracts reducing time and costs, KYC integration with digital ID verification (OCRlabs) and credit scoring with Equifax and illion. It also includes tools like Glasses Guide, Blue Flag and PPSR reports.
“Our all-in-one platform is making asset finance brokers’ – and their clients’ – lives easier with more automation while ensuring the right compliance and protection.”
Phillip Havea, Financeable’s chief technology officer, said: “Integrating Financeable with Mercury Nexus gives brokers the ultimate one-two punch. Mercury Nexus is already a powerful CRM and integrating Financeable supercharges it.
“Take all the features that an award-winning CRM gives you and combine it with the ability to get credit scores, bank statements, and ASIC documents – you now have the most powerful tool for an asset finance broker.”
According to Starrenburg, streamlined processes and innovative technology are now “vital to brokers’ success”, saying that brokers who integrate technology into their offerings typically see the most growth.
He said: “We’ve already seen that with Financeable integrated with Mercury Nexus; brokers can put together more comprehensive applications in a shorter time frame because it’s connected to everything brokers need in the process.
“It’s also securing Connective Asset Finance as a leader in broker technology and driving innovation for asset finance brokers, paving the way to much-needed, elevated industry standards.”
Connective’s Asset Finance arm has been delivering strong growth recently, having grown asset finance settlements by 5.5 per cent, to $3.9 billion, over the financial year ending 30 June 2024 and having recently appointed its first national manager for Connective Asset Finance, Lee Postlethwaite.
Speaking at the time, Connective CEO Glenn Lees said that commercial broker volumes had grown the fastest of the three lending segments this year: “Businesses are seeking finance through brokers and we’ve got a strong offering and support for our commercial brokers.
“Our track record proves that we’ve attracted high-performing commercial brokers while empowering our existing brokers to expand their offerings.”
Aggregators increasingly incorporating direct lodgement
The Connective/Financeable integration comes amid a trend of technology upgrades in the aggregation space.
On Wednesday (13 November) ASX-listed aggregator Australian Finance Group (AFG) announced that it had rolled out an enhanced BrokerEngine workflow platform – BrokerEngine Plus – for its brokers, which enables direct lodgement to ApplyOnline.
On the same day, Specialist Finance Group (SFG) said at its national conference that it would be soon upgrading its customer relationship management (CRM) to the Salestrekker 2.0 version – one of the first CRM systems that enabled direct logement.
SFG is reportedly expecting to launch SFG Connect 2.0 in February 2025.
[Related: Major aggregator launches enhanced broker platform]
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