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In Focus Appointments & Updates
Stenn has announced the appointment of Bilal Bajwa to the new position of Chief Product Offi cer as the business continues to scale and enhance its unique proposition. Mr Bajwa has a proven track record of leading global teams and scaling data-led platforms, bringing signifi cant experience from a range of senior roles in technology start-ups, particularly in the US and emerging markets, where he has focused on product development and design. He has previously held roles at Zynga, the Silicon Valley based social gaming platform, and dubizzle, the UAE online marketplace, where he led a team of 120 people in product, engineering, design, growth, and performance marketing. Bilal was also the CEO of OLX Pakistan, an online marketplace which he grew to 10 million monthly average users over just four years. Greg Karpovsky, founder and CEO of Stenn, said: “It is fantastic to have Bilal join the team as we continue in our mission to level the playing fi eld for global SMEs.
Greg Karpovsky
“He brings invaluable experience, across some key geographies, and his focus on market research and data analytics to inform the expansion of our product off ering will be crucial as we improve Stenn’s customer proposition. Bilal’s appointment is the latest in a big drive to bring new talent into Stenn as we maintain our strong growth trajectory.”
>> Mortgage brokers making an
application with Leeds Building Society can now be off ered a Decision in Principle in less than 11 seconds thanks to a new partnership with Experian. By deploying Experian technology to create a new decisioning platform based on its own specifi c requirements, the building society will transform its digital mortgage service into an automated, seamless journey, reducing friction to the customer and minimising risk in its lending decisions. The result means a Decisions in Principle –
which can typically take as long as 24 hours to be off ered – can now be done in less than 11 seconds, with other decisions reached even quicker. Around 80% of the customer journey is now automated, and for more complex mortgage applications, the lender can now carry out checks more quickly, with minimal additional input. David Bates, Group MD Consumer
Information Services and Decision Analytics for Experian UK&I, said: “A frictionless journey is vital for all businesses as many customers now demand, rightly, a fi rst-class experience with almost-instantaneous results. “The combination of Experian advanced analytics and decisioning technology means fi nancial lenders can deliver that experience, giving businesses the ability to act upon their
48
data insights in a way that was never before possible.”
LendingMetrics, the multi-award-winning fi nancial technology and data specialist, are pleased to announce their appointment by commercial lender Shire Leasing to implement Auto Decision Platform (ADP). Shire Leasing had already been utilising
automated underwriting since 2001 but found that moving from single track sales channels to multi-sales channels resulted in much more
complexity in their decisioning. They needed constant IT involvement to achieve their objectives, so were looking for a solution that gave more control, allowed fl exibility and did not require IT resource in order to make changes to their decisioning strategy. About the implementation, Malcolm
Workman, Chief Operating Offi cer at Shire Leasing, said: “We see this as a long-term relationship, and we are delighted that we picked LendingMetrics as a partner.”
Challenger Bank has further demonstrated its commitment to helping British businesses to succeed by reducing its lending rates. The Bank, which is this year celebrating its
fi ve-year anniversary, has unveiled improved interest rates starting from 3.49% plus base rate for secured residential property lending and 4.49% plus base rate for secured commercial property lending. Redwood Bank has also increased its
maximum LTVs up to 70 % for commercial loans and to 75% for residential loans. These changes are part of the Bank’s
ambitious plans and commitment to facilitate greater lending options and to drive investment into and by SMEs. Gary Wilkinson, CEO and Co-Founder
of Redwood Bank, said: “We are thrilled to announce our new lending criteria, as we are keen to off er our customers the best possible rates and products. “We put our customers at the heart of what
we do so it is vital that we continue building close and trusted relationships with them.”
Lowell Group has partnered with the Centre for Social Justice on a new report into the current state of fi nancial literacy in Britain. The report, endorsed by Education Select Committee Chair
Robert Halfon MP, revealed that a signifi cant portion of the British population lacks fi nancial literacy and the skills necessary to manage money eff ectively. John Pears, UK chief executive at Lowell, said: “With the cost-of-living increases hitting home, fi nancial literacy would be a strong barrier. Unfortunately, we just are not good enough at it in this country. “Our own customers have told us how ill-prepared they felt to deal with debts. The lack of fi nancial literacy and budgeting skills creates spirals of debt that are hard to break and have a long-lasting impact, individually and on our economy. “We need to look at radical change, over the course of people’s lives, to ensure
John Pears
that everyone has the skills to manage their money and navigate modern fi nancial products. We need to build proper fi nancial resilience in the UK.”
www.CCRMagazine.com June 2022
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