Finova Fuels Aldermore’s Digital Mortgage Revolution with Strategic Five-Year SaaS Partnership
Aldermore has significantly enhanced its technology capabilities in the mortgage industry by expanding its partnership with Finova, a leading cloud-based software provider in the UK. This strategic alliance, which began in 2016, is set to transform the way Aldermore operates within the mortgage market.
Strengthening Mortgage Technology with Finova
Following a thorough market review, Aldermore initiated several pilot projects utilizing Finova’s innovative lending platform, previously recognized as Apprivo. The success of these trials has led to a formal five-year agreement aimed at providing comprehensive support for Aldermore’s specialist lending products, which include:
- Buy-to-let mortgages
- Commercial real estate loans
- Residential mortgages
What is Finova Lending?
As part of the extended partnership, Aldermore will deploy Finova Lending, a Software as a Service (SaaS)-based platform that enhances mortgage origination processes. This advanced technology offers:
- Improved processing times
- Operational efficiency through automated task workflows with the ‘Enhanced Tasks’ module
- Post-contract functionalities like product switching and further advances
One of the platform’s key features is its self-service capabilities, which empower Aldermore to make real-time adjustments to product offerings and pricing, allowing for greater responsiveness in a fluctuating market.
Modular Architecture for Flexibility
Another significant advantage of Finova’s platform is its composable architecture. This modular design allows lenders to either implement a complete end-to-end solution or opt for a headless deployment, seamlessly integrating with existing systems for enhanced flexibility and scalability.
Transition to a Secure Cloud Infrastructure
Aldermore has already transitioned its servicing operations to Finova’s upgraded platform, hosted on Microsoft Azure. This strategic move not only aligns with Finova’s extensive client base but also provides:
- A secure, containerized infrastructure
- Real-time data feeds
- Robust cyber protection through Security Operations Centre (SOC) and Security Information and Event Management (SIEM) functionalities
Statements from Leadership
Richard Marsh, Chief Operating Officer at Finova, expressed enthusiasm about the extended partnership, stating, “We are delighted to extend the partnership with Aldermore. Together, we are building a robust platform to meet Aldermore’s ambitious targets for UK specialist lending over the coming years.”
Ross Dalzell, Aldermore’s Managing Director of Property, added, “Finova Lending offers us a fully deployed solution with the flexibility to expand on it, thanks to its composable architecture. It aligns perfectly with our strategy, and we are excited to go live with buy-to-let mortgages as the first step in this journey.”
To learn more about Aldermore’s mortgage solutions, visit their official website. For insights into Finova’s technology, explore their offerings at Finova’s site.
