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Finsure partnership to boost digital asset finance offering

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reporter 1 minute read

The aggregation group has formed a new partnership with software provider Drive IQ Technology to boost the digital asset finance offering to its broker network.

Finsure has announced that it has partnered with asset finance platform Drive IQ Technology (Digital IQ) to enable Finsure brokers to access its “simple, automated end-to-end finance application process”.

The online system utilises algorithms to automate processes and digitise data, with product and policies from over 45 lenders built into the platform’s back end.

Finsure’s general manager – aggregation, Simon Bednar, commented: “The Drive IQ Technology platform is 100 per cent compliant with National Consumer Credit Protection (NCCP) regulations and will assist our brokers wanting to focus more on the asset finance market.” 

“This partnership will deliver sophisticated underwriting and funding functionality, automated loan origination and improved transaction speed for the Finsure broker network, which is approaching 2,000 brokers.

“Drive IQ Technology’s proprietary system facilitates the seamless capture of customer data, servicing, credit file review and product comparison during a single customer interaction.”

Grant Clayton, co-founder of Drive IQ Technology, commented: “We are thrilled at the opportunity to work with Finsure and for the confidence they have shown in our technology.

“The implementation helps to strengthen our position in the asset finance space.”

Drive IQ Technology co-founder Simon Penhaligon added that the COVID-19 pandemic had prompted an accelerated drive towards digitisation for the auto and asset finance industry.

“The [proposed] extension of BID legislation into the asset space has also been unsettling for asset brokers who may only have a handful of accreditations,” he said.

“Finsure’s decision to partner with us has ensured their brokers can conduct business with confidence,” he said.

The aggregator also this week announced that its brokers will now be able to start offering Islamic home finance products to clients, in what is believed to be an “Australian first” offering through the broker channel.

Finsure this week partnered with Hejaz Financial Services – which specialises in offering a range of Islamic law-compliant products – to help connect more brokers with the growing Muslim home buyer market and help them meet their client’s best interests.

[Related: Finsure adds Islamic loan product to offering]

Finsure partnership to boost digital asset finance offering
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