Finance industry IT provider Nostrum Group has processed its millionth electronic signature for a loan, saying usage of the technology is on the rise in car finance.
The company, which entered into partnership with Skipton portfolio management subsidiary HML in 2011, said that although such signatures were once more prevalent for online loans their usage has seen an increase in the retail and motor finance sector over the past 12 months.
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Nostrum has provided e-sigs since 2009 but says mainstream use and customer awareness has prompted a recent rise in businesses it works with wanting to bring applications online with quicker decisions over, and access to, credit, as well as increased needs for lenders’ analysis and vigilance over credit risk profiles.
Independent prime lender MotoNovo recently began using e-sigs, hoping to compete on decision times. Similarly, BMW Financial Services announced in late 2012 its trial of paperless administration systems for finance in Northern Europe had cut processing times by an average 25%.
Last year also saw RCI Financial Services, UK captive finance provider to the Renault-Nissan Alliance, launch a paperless documentation system with the aim of saving over a million pages of paper and £40,000 a year across its dealer network.
Nigel Williams, commercial development director at BEN, comments on the first wave of electronic signatures at retail in the UK during his time at Black Horse in the March issue of Motor Finance magazine.
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By GlobalDatarichard.brown@timetric.com
