• HubSolv’s 2020 Wrapped

    17th December 2020   |   Moving

    In Spotify style, we’re taking a look back at how 2020 has treated HubSolv. And while none of us are exactly sad to see the back of this year, we can’t deny we’ve had a pretty good one!

    Yearly stats:
    -68 new customers;
    3,416,981 docs generated (!!!);
    -43,478 Messenger conversations;
    -40,000 credit searches;
    -7,719 Bank Connects

    We’ve made some changes to our I&E Module

    You asked, and we listened! We’ve revamped the SFS module to be more user friendly and allow you to expand and collapse subcategories of Income and Expenditure. This will mean you can navigate to items easily to limit the amount of scrolling on each page.

    You can open and close each subcategory by simply clicking on the title, and expand or collapse the notes for each item by clicking on the specific Income or Expenditure Item. There is also a toggle to allow you to Show/Hide your “Add” buttons, and clicking on this toggle allows you to add in more than one type of expense.

    The rest of the functions in the SFS tab have remained the same, so you can still see a summary and compare versions. We’re always looking to improve the user experience and hope you enjoy the new and improved SFS tab! Contact our Support Team if you’d like further information.

    New Product Announcement! HubSolv for Corporate Insolvency, coming soon!

    HubSolv case management software is the newest addition to the HubSolv product suite and was developed in conjunction with the requirements of one of the top 4 accountancy firms in the UK.
     
    Our corporate product ensures work is efficiently distributed amongst insolvency teams depending on the case type. The cutting-edge workflow builder allows for automation of tasks and workloads which ensures statutory requirements and case milestones are always met while reducing administrative burden on staff.
     
    Central to HubSolv for Corporate is collaboration. The environment makes it easy to work together on tasks and communicate efficiently with staff members, creditors, clients and other interested parties.
     
    Document automation also ensures consistency and compliance throughout the insolvency process.
     
    We are able to offer a consultative service that will help improve the speed you progress cases or you are free to fully customise these automation flows yourself through the HubSolv workflow builder to suit each firm’s needs.
     
    We are super excited to be launching HubSolv for Corporate in Q1 of the New Year. Contact Courtney if you’d like to discuss the upcoming functionality further.

    New Best Advice Module:

     We’ve also recently developed a new Best Advice Tab to help users to identify the correct solution for a customer. Based on case parameters such as disposable income, debts, employment and assets, the Best Advice Tab will identify reasons for and against each solution.

    Some of the reasons for and against are dynamic and will pre-populate based on the customer’s circumstances. The user will be prompted to make sure the Client Details, I&E, Debts, Employment & Assets tabs have been completed before choosing a solution. Each solution can be expanded to see an explanation of how that solution works and you can navigate between the reasons for and against each solution.

    All solutions have dynamic functionality to help determine which solution is appropriate and speed up the advice journey. Once the user has chosen the appropriate solution the system can generate and deliver a Recommendation Pack to the customer by e-sign and pass the case to the solutions provider of your choice. Contact us for a demonstration of the Best Advice Tab and to find out how it can help you!

    Don’t Forget!

    With Brexit coming into effect on 1st January, Insolvency Practitioners will need to update their IVA/Trust Deed proposals to clarify their jurisdiction. Please contact our Support Team at helpdesk@hubsolv.com so we can advise you on how to make these template changes.

    And that’s our 2020 wrapped! From all of us here at HubSolv – wishing you and yours a safe and happy Christmas and New Year!

  • HubSolv are a finalist at the Credit Strategy awards

    14th October 2020   |   Events

    Known as “The Oscars of the Industry,” Credit Strategy are back this year celebrating the 21st annual Credit Awards through a digital livestream that will recognise leaders in the credit and financial services sector.

    HubSolv are delighted to be nominated for not only one, but two, awards by the flagship, including Excellence in Open Banking and Best Technology Provider.

    These nominations come fresh off the heels of our recent recognition as the 165th fastest-growing tech company in Europe, the Middle East, and Africa, as well as our ranking of the 33rd fastest-growing tech company in the UK for the financial year of 2019.

    We are proud that our innovation, best practice, and hard work of our staff here at HubSolv are being recognised at the 2020 Credit Awards. Check out the Credit Strategy website to catch the digital broadcast on 5 November, and to (hopefully!) watch us win!

  • Does your CRM have the three most important requirements?

    23rd September 2020   |   Moving

    The most common question I’ll get asked on a demo with a prospective new customer is: “What sets HubSolv apart from the thousands of other CRMs out there?”

    Whether my prospective clients are considering a system migration over to HubSolv or are tired of working with Excel spreadsheets to manage tasks and communication, the question will inevitably pop up in every conversation I have.

    It’s a great question for an informed buyer to ask. My response always revolves around a description of our company ethos: the principles that underpin our philosophy at HubSolv are entirely customer-centric. Streamlining and simplifying the user experience is at the heart of what we do. Throughout my time on-boarding new business and witnessing how HubSolv has positively transformed our clients’ internal operations, I’ve determined that there are three absolutely vital services that a CRM must provide its users:

    Flexibility.
    Need an off-the-shelf, ready-to-go solution today? Or perhaps you’re looking for an interface that allows complete customisation, with functionality as bespoke as your own business. Whether you’re the former or the latter, HubSolv is made for you. A CRM should never be so rigid that there’s no room for customisation, nor should it overwhelm the user with limitless possibilities. The Goldilocks spot comes when a CRM platform can accommodate a business’s unique requirements without compromising a tried and tested structure, and that’s where we come in. Our task management system ensures that internal jobs are being actioned, but the type of task is always dictated by the customer. Hundreds of communication templates via SMS, email, and letters can be stored within your HubSolv account; you can upload content that your business already uses, or if you’re hitting a wall with writer’s block, we can offer some standard options to get you going. You can even decide which account users are allowed full system visibility, and limit user permissions for others. We’ll hand over the reins to let you drive, but we’re always here to help pull you back in if you need it.

    Intuition.
    We work through a proactive approach that enables HubSolv to anticipate your needs before you even have them. Your account can be fully enabled to reflect your customer journey and internal operations before you log in for the first time. Customers also have the option to book in time with our Support Team as and when they’d like to add new functionality or amend existing processes. At HubSolv, it’s all about identifying and alleviating challenges before they arise. With digitisation paving the way of the future, we saw a gap in the market for a totally paperless IVA process – and we filled it. The same can be said for our HubSolv Messenger portal, which provides a live-chat environment to encourage communication and secure file exchange between a business and their client. Not only does Messenger allow users to submit personal documentation within seconds, the built-in comms workflows will automatically send reminders to the user to promote prompt return. We pride ourselves on being a solutions-oriented CRM partner who always thinks ahead, so you don’t have to.

    Continuous improvement.
    Your business never stays stagnant, so why should your CRM? Organisations deserve a cutting-edge case management system that adapts to the most recent changes in your industry. At HubSolv, our dedicated Customer Support and Success teams frequently review our client feedback to develop a robust understanding of how our functionality can continue to enhance the user experience. Not only are we devoted to improving our own system’s features so that customers can maximise our platform, we remain committed to helping our customers grow their own revenue and connections within their sector. HubSolv’s network of over 100 clients within the financial services space, from introducers to IPs, is available free of charge to new business. As HubSolv’s BDM, I facilitate introductions between clients within our network to ensure that our users can build relationships that will increase their company revenue and improve their quality of business.

    It’s worth reflecting on whether your business’s current CRM partner meets these basic requirements. Ask yourself if your needs are being anticipated, rather than simply met. Does your CRM give you freedom of movement within a tried and tested, successful structure? Is your feedback falling on deaf ears, or can you rest assured that there’s an internal team dedicated solely to improving your user experience?

    If HubSolv can help support your business needs, get in touch: courtney@hubsolv.com, 07521502567.

  • HubSolv ranked 165th fastest-growing tech company in EMEA

    8th September 2020   |   Company

    Last November, HubSolv were honoured to receive the award of 33rd fastest-growing tech company in the UK. In addition to this recognition, Deloitte also reports on the 500 fastest-growing companies in EMEA through their Technology Fast 500 annual programme, which features high-growth fintech companies throughout this more global region.

    For the 2019 fiscal year, HubSolv ranked 165th across Europe, the Middle East & Africa for company growth, boasting a whopping 850% increase in revenue from 2015-2018.

    Fraser Hamilton, Co-Founder of HubSolv, offered his thoughts upon receipt of the award:

    “We are delighted about our Fast500 ranking. Coupled with our UK Fast50 Technology ranking of 33rd, this serves as further reinforcement that our product continues to evolve and support the specialised market in which we operate. HubSolv remain committed to ensuring that we offer an unparalleled user experience through digitisation, innovation, and continuous improvement of our software platform. To be recognised as one of the 500 fastest-growing tech companies in Europe, the Middle East & Africa is a testament to both our staff’s efforts and our customers’ growing investments in the future of HubSolv.”

    2020 has been a challenging year for all businesses, but we’ve remained focussed on developing and delivering a product that adapts to the industry’s ever-changing needs. Our growth continues…stay tuned for more!

  • When business as usual becomes unusual – Tips to make the most of HubSolv

    23rd March 2020   |   Guides

    With the ongoing health crisis brought globally by COVID-19, there have been significant changes to the day-to-day lives of the public. The guidelines introduced by the government to mitigate infection rates through social-distancing and self-isolation have begun to take effect. Across the country, businesses have, where possible, made the switch to work remotely in order to continue their operations.

    At HubSolv, we quickly took the necessary measures to ensure the safety of our team and business continuity. The health and wellbeing of our employees and our communities is of paramount importance to us. Following government guidelines to help contain and mitigate the spread of COVID-19, we implemented working from home across the business. We enabled our team to continue to support our customers via our usual phone lines and via helpdesk@hubsolv.com.

    We know that, like ourselves and virtually every other business out there, our customers are also adapting to the situation, so we have put together some common hints and tips to try and assist you with making the most of HubSolv and the software’s features in the current circumstances.

    Download our guide in PDF format here.


    Groups, Roles and Capabilities

    As much as we would all like to maintain a business as usual approach, the situation may bring some inevitable challenges to people’s usual work routine – and as a result – their job role or responsibilities may change depending on circumstances.

    The following help guides will assist with the setting up of Groups, Campaigns and Role Capabilities:


    Signing Documents Digitally

    With social distancing in effect, firms are currently experiencing difficulties obtaining signatures for documentation and statutory paperwork. Electronic signatures can come handy, given the circumstances, and you can take advantage of our integration with Signable to allow you to collect digital signatures.

    The following guides will help you set up Signable into your Hubsolv, and advise on how best to make alterations to your document templates stored within the system:


    Workflows and Triggers

    With the possibility for a reduced staffing level, HubSolv can automate many processes using workflows and triggers.

    The following guides will assist with setting up system-generated actions, which can be integrated with SMS/Email templates and calls to action:


    CreditorDesk

    CreditorDesk is a new HubSolv product dedicated to improving creditor communication and file management. Creditors and insolvency practitioners can benefit from the use of CreditorDesk, which enables them to post case-related information and files directly from HubSolv, as well as securely download all documentation attached to each case.

    By sending files and documents digitally, not only will you eliminate postage costs, but also speed up the process of delivering information to creditors.

    To find out more about how to get Creditor Desk on your Hubsolv – contact Courtney@hubsolv.com, or call on 0141 739 7210



    We are here to support you

    If you require any assistance or help with any of these hints or tips, or anything else, please contact our Support team by email – helpdesk@hubsolv.com, or call 0141 404 9399.



    Resources and information on COVID-19

    The impact of the coronavirus disease, COVID-19, is being felt around the world. The debt industry is also taking a hit from the crisis. With salary incomes falling and unemployment rates likely to go up, many individuals struggling with debt, as well as people who are enrolled in Individual Voluntary Arrangements (IVAs) or Debt Management Plans (DMPs), will be worrying about their finances, and whether they will be able to continue to make payments.

    Step Change Debt Charity and Debt Camel have published guides online with advice for debtors who may be concerned about keeping up with payments.

    Institutions in the financial sector are having to adjust to the situation and show solidarity. Due to COVID-19, some organisations have already introduced changes and ways to support people experiencing financial struggles as a result of the pandemic. Some banks and mortgage lenders have announced measures to offer support for customers and businesses affected.

    Accountant in Bankruptcy (AiB) has suspended sale and eviction from property in ongoing bankruptcy administrations. AiB are also introducing new measures to simplify procedures for seeking debt relief through bankruptcy, and to offer greater flexibility to those who need more time to pay their debts through the Debt Arrangement Scheme (DAS). This action will also help alleviate the administrative burden on frontline money advisers and insolvency practitioners.

    We strongly encourage everyone to follow guidelines from the government and practice self-isolation, in order to help stop the spread and mitigate the devastating effects that this situation is having on our communities. We must all act responsibly, and take the necessary steps to keep ourselves and our communities safe and well supported.

    For further information on COVID-19, please visit:
    NHS – http://bit.ly/2wZ451N
    GOV UK – http://bit.ly/39XBYhR


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  • Where we’re at with Women in Fintech

    6th March 2020   |   Moving


    With International Women’s Day falling on Sunday 8th March, businesses have used this past week to post the obligatory group photos of female staff and promotional videos advocating for women in the workplace. The fintech industry has been no exception, with companies proudly boasting their percentage of female staff and highlighting women in senior leadership roles. While these efforts might foster female empowerment in the office for the days leading up to International Women’s Day, there is significant work to be done across the fintech sphere in addressing the gender gap and its effect on the future of the industry.

    Why are fintech businesses so lacking in female representation, specifically executive-level roles? And how can gender diversification encourage a shift in the thinking that underpins the industry as a whole? 

    One observation finds that the majority of products within the fintech sector have been created by men, and the corresponding businesses that support these products are made up of predominantly male leadership. If products that are developed by and for men become increasingly industry-prevalent, then the emergence of any female-centric products or services will seemingly cause an upset in the ecosystem. Further to this, products that are put forth with a female-oriented view in mind are more likely to lack endorsement or investment from leadership teams largely comprised of men.  

    A 2019 study brought about the shocking revelation that less than 30% of the UK’s fintech workforce was female. Out of this 30%, a mere 17% of these roles are executive-level positions held by women. Male leaders of fintech organisations have cited a disproportionate number of applications between male and female prospective candidates as the determining factor for this outcome. The conversation should not simply stop here, but should extend farther back to consider why less women feel encouraged to put forth applications for these positions. Diversity in leadership will only promote diversity in ideas; more gender-inclusive executive teams will only yield endorsement for innovation in a market that has long been under-leveraged. Concentrated efforts on bolstering women’s representation in senior-level positions will also shed light on the gender gap of unmet needs in the financial services industry, which can lead to product development that addresses female-centric concerns.

    In an industry that has historically been shaped and maintained by men, HubSolv are proud to employ a number of women in business-critical roles. Representation in our workforce spans across all departments with female members of staff holding senior-level positions in our development, customer success, project management, and sales & marketing teams. As our business continues to see significant growth throughout 2020, we remain committed to cultivating an environment that both allows our female members of staff to exercise initiative, and encourages new female talent to contribute to our team’s success.



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  • Key features that make HubSolv the software of choice for insolvency practitioners

    7th February 2020   |   Guides

    Since our beginnings, back in 2014, we have strived to improve every step of the journey for introducers, debtors and insolvency firms, with the latest technology solutions. Our brand has rapidly expanded in the insolvency space and we are now well known for our in-house developed tools that are used throughout the UK insolvency market to increase expediency.


    How do we stand out from the competition?

    Beyond our unique front-end features that facilitate lead qualification and case packaging, HubSolv hosts a complete suite of back-end functionality to enable insolvency practitioners to efficiently manage the lifecycle of IVAs, Trust Deeds, and DMPs.

    HubSolv’s case management process is designed to increase expediency for insolvency firms whilst reducing costs and minimising time-consuming efforts associated with traditional procedures. Take a look at the key features that make HubSolv the go-to brand and leading software provider in the insolvency space.


    • Client & Case Management


    Manage the full lifecycle of your client base, from initial web enquiry through to final payment of their IVA, Trust Deed or DMP.

    • Income & Expenditure screens (CFS/SFS guidelines)
    • Decision engine to find the best solution
    • One-click proposal generation with digital signature
    • Keep track of customers’ assets and living arrangements
    • Easily accept leads – increase case load without
    increasing overheads.


    • HubSolv Messenger

    Full and partial credit searches are available through our client portal, HubSolv Messenger, which connects HubSolv users with customers to automate the document collection process.

    • Instant Credit reports & Bank statements
    • Open Banking integration
    • File upload
    • AML reports
    • Automated messaging and live chat
    • Integration with CMS – all files are automatically
    placed within the client record.


    • Automate email, SMS and documents


    Automate throughout the pre-appointment and post-appointment
    process; proposals, follow-ups, meetings of creditors, files and reports.

    • Set up automated follow-up reminders and increase pack back rates with workflows (HubSolv Messenger, email & SMS)
    • Speed up proposal acceptance with digital signatures
    • Improve compliance with HubSolv’s templates, compliant
    document packs and fully customisable checklists.


    • One-click proposals & digital signature



    One-click functionality can automatically generate relevant case documentation such as proposal packs and notice of meeting letters.

    IPs can implement call scripts and use these to create a standardised narrative for the SIP call.

    Digital signatures are available as part of our integrations, to expedite the process.


    • IVA Module – Decision Tab



    The Decision tab within the IVA module allows the IP to pre-select modifications to increase expediency. All modifications are listed; eliminating the need for manual entry. As votes are amended, the system automatically updates records. The Chairman’s Report is then auto-generated, along with documents for approval.

    Watch our video here to learn more about our IVA module and meeting of creditors functionality.



    • Meeting of Creditors & CreditorDesk

    The IVA module allows firms to easily propose cases to creditors by post, email, XML or directly to CreditorDesk – our dedicated creditor portal for secure file sharing.

    With HubSolv’s MOC functionality, voting modifications are pre-populated to save the insolvency practitioner time. Votes and records are automatically updated as feedback is received, facilitating the one-click generation of the Chairman’s Report. Signed documents are seamlessly returned to the client’s record in HubSolv for the IP to reference throughout the duration of the case.



    • Propose cases to creditors and call creditors’ meetings
    • Log all claims, votes and modifications.
    • Let the system calculate the percentage acceptance based on
    votes received, and suggest combinations of creditors to
    reach the 75% acceptance.
    • Creditors tab to find and track the status of all creditors’ claims.
    • Generate documents and chair’s report in a few clicks.


    • Payments Suite

    Insolvency practitioners are able to reduce arrears and manage payments through HubSolv’s payment suite, which is configured to reconcile transactions automatically should the debtor fall into arrears. Bank statements are uploaded and matched against expected payments, and a full history of payments both retained and outbound can be accessed in the dividends tab. Bulk distributions can be handled with ease, and remittance files can be auto-generated and emailed out to respective creditors through HubSolv. Utilisation of HubSolv Messenger will decrease debtors’ likelihood to fall into arrears by generating a stream of SMS, email and letter communication reminding the individual of upcoming payments due.


    Banking module: Connect directly to your bank to automate payments and receipts.

    Sage Pay integration: Set up reoccurring card payments to make transactions simple, automated and secure.

    Arrears handling: See whether the debtor has fallen into arrears and set auto reconciliation of transactions.

    Custom configuration for payouts: Set customised payout rules. Configure auto payments to creditors based on your preferences.


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  • How do creditors get involved in a personal insolvency case?

    14th January 2020   |   Guides


    An insolvency is a formal and legal procedure designed to get debts repaid, mediating between insolvent companies or individuals (debtors) and the businesses whom the debt is owed to (creditors). In personal insolvency, creditors are contacted by insolvency practitioners seeking the approval of Individual voluntary arrangement (IVA) proposals.

    Insolvency Practitioners (IPs) are licensed individuals who liaise between the parties involved, and they play a vital role in bringing balance to the debt space: allowing individuals in debt to get back on their feet through debt relief, while seeking to return (partially or entirely) what is owed to creditors.

    Creditors ought to be able to lend or trade with the confidence that their investment will return. When the confidence is lacking and creditors believe that individuals will not be able to repay their debts, lending becomes more restricted and the cost of transactions can increase for everyone. This is why personal insolvency processes ought to keep creditors’ interests in mind; seeking the right balance between relieving debt for individuals and providing returns to creditors.

    For creditors, losing money that is owed by companies or individuals can be stressful and time-consuming. Insolvency procedures can help creditors in providing an understanding of the situation and what the return can be.


    Creditors and IVAs

    In personal insolvency, an Individual Voluntary Arrangement (IVA) is an alternative for debtors to bankruptcy. It is a formal binding agreement between an individual (the debtor) and their creditors, typically based on making manageable payments to pay all or part of the debt, without incurring further interest.

    In an IVA scenario, Insolvency Practitioners put together a proposal for creditors where they set out the repayment plan and state how much the debtors can realistically pay back. The IP is known as the ‘nominee’ (under insolvency law) for the proposed arrangement, and as such, he ensures that creditors receive all the information they need to decide whether to approve the arrangement.


    The involvement of Creditors in the IVA process

    With the IVA proposal ready, a decision process starts to enable creditors to vote via a virtual Meeting of Creditors; they can accept the proposal with or without changes, or reject it. Creditors can complete a proxy form to submit their votes, which must be submitted by the deadline specified, and must be supported by a Proof of Debt form (POD).

    There is a two-stage process to succeed in the decision procedure:

    – The IVA needs to be supported by 75% or more of creditors by value voting at the meeting, and;

    – Less than 50% by value of non-associated creditors vote against the proposal.

    When the proposal is approved, the IVA binds all creditors, whether or not they have voted in favour or at all, and the IP assumes the role of ‘supervisor’.


    During the IVA process, creditors receive documentation from IPs and are also asked to provide information in return:

    – A copy of the IVA proposal and corresponding paperwork is shared for the creditor to submit votes.

    – A copy of the IP’s comments and recommendations to creditors with regards to the proposal

    – Notification of whether the proposal has been accepted and whether any modifications have taken place.

    – Request for details of the creditors’ claim and notification about the payment of dividends

    – Reports (annual reports and a final report, upon completion of the arrangement)


    Improving the exchange of documentation between Creditors and IPs

    Traditionally, the exchange of information between IPs and Creditors has been largely paper-based, involving postage and manual processes. With the digital revolution, however, new technologies are emerging to streamline the process, save money and reduce time.

    IPs can upload all documents and information relevant for creditors using a secure platform, such as CreditorDesk – a new technology designed by HubSolv, set to revolutionise the way creditors interact with insolvency firms.

    CreditorDesk is a cloud-based application dedicated to creditor communication and file management. IPs can post all relevant case information to creditors directly from HubSolv CRM; assign files to creditors and make use of tags to help identify documentation.

    When files are posted, creditors can login to CreditorDesk to access documents, and;

    – See files assigned to creditors

    – Search records using handy filters: by number of case, creditor name, source or tags

    – Download up to 10 files at a time

    – Submit votes, cliam amounts and modifications on proposals

    – Upload proxy forms and POD

    – Receive notifications to keep up to date with case progress, documents and reports.


    We are also developing an open API for creditors to integrate with their own systems.

    A fully digital process with CreditorDesk and HubSolv’s IVA Module

    With a revised Meeting of Creditors within HubSolv’s IVA functionality and the new CreditorDesk, we are digitising the entire IVA process for creditors and transform the way they interact with insolvency firms.

    The considerable amount of paperwork required for every insolvency case will no longer be an issue – the portal streamlines file exchange and communication, reducing costs and time for IPs, and making the process for creditors a slick and simple process.


    If you want to find out more about CreditorDesk, contact us at support@creditordesk.com, or call us on 0141 739 7210.


    Sources:

    • Creditor Insolvency Guide, by R3 (link)
    • R3 – The Personal Insolvency Landscape: (link)
    • ICAW – About insolvency (link)
    • TMP – A to Z Insolvency Guide (link)



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  • Open banking: Paving the way to digitisation in the debt sector

    10th December 2019   |   Moving


    January 2020 will see the second anniversary of Open Banking in the UK, and the impact of its launch has been significant for both financial institutions and consumers alike. Open Banking has delivered numerous benefits to fintechs specifically by allowing customers to share their account transaction data or initiate payments.  

    From a global perspective, the Open Banking innovation enables account aggregation, real-time ID verification and allows businesses to save costs by automatically assessing the individual’s affordability. The transparency of sharing consumers’ data enhances fraud detection and evaluation of potential credit risk. Consumers can also expect quicker on-boarding processes as their financial health can sooner be reviewed by the businesses who receive their transactional history. 

    In the midst of change and transformation driven by the PSD2 legislation in the industry, HubSolv have recently become FCA-approved service providers, which allowed us to implement Open Banking within our systems and revamp our services with a more robust and reliable solution for our users and the individuals they serve. 

    For The Advisor 

    Assessing debtors’ affordability has historically been a tedious task that ensured little reporting accuracy. Relying solely on credit ratings is a thing of the past, and with the introduction of Open Banking into the personal insolvency world, debt management firms can now get a clearer and more comprehensive picture of debtors’ financial context, to better assess their income and expenditure. Open Banking also lends insight toward the debtor’s spending habits through categorisation of transactions, allowing the advisor to assess affordability quicker and more accurately than ever before. A more robust understanding of the individual’s financial circumstances can be cultivated by merging credit bureau data with Open Banking data, which bolsters the debtor qualification process. 

    For The Debtor 

    Exploring debt management solutions is an inherently stressful process for any individual. Debtors themselves directly benefit from the advances in fintech embracing Open Banking, as access to real-time data yields quicker decision making for the debt advisor. 

    The implementation of Open Banking benefits debtors in terms of security and enhanced user experience – they can share financial data with more ease, and securely, in full compliance with the Standard Financial Statement. Wait time for the return of debtors’ spending records drops significantly, and a debt management solution can be more quickly put into place.  

    Debtors can rest assured that the full scope of their financial wellbeing will be relayed in an accurate and timely manner to the advisor, who can then act quickly to advise accordingly. This speedy resolution minimises the debtor’s stress and anxiety, reinforcing a trusting relationship between both parties and enabling ease throughout the debt management process. 

    For The Insolvency Market as a Whole 

    The likelihood of insolvency case approval drastically increases as Open Banking emerges into the market. Gaining secure access to debtors’ financial information gives advisors a clearer understanding of spending habits, which allows for an expedited affordability assessment. Data is also accessed in real time, where the speed and efficiency of Open Banking enable more accurate and timely advice and communication between advisor and debtor. The insolvency market has been and will continue to move towards a secure and compliant space with the introduction of Open Banking, as traditional paper-based ways of exchanging data will no longer be the industry standard. These new transactional methods will ensure that debtors’ information remains protected. 


    Embracing the Open Banking revolution 

    As the industry becomes more digitally connected, it’s becoming a top priority for debt firms and insolvency practices to keep up with the pace of technology and the new regulatory landscape.  

    We at HubSolv are on hand to help our customers to embrace the full potential of Open Banking technology. Our client portal, HubSolv Messenger, seamlessly integrates with our HubSolv CMS and combines Open Banking with automation to streamline the process of individuals’ affordability assessment; ID verification, credit checks, bank statements and AML reports. 


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  • Keeping it green: The paperless IVA process (infographic)

    11th November 2019   |   Guides

    Gone are the days (or weeks) wasted on the manual process of printing, posting, and waiting for letters to reach your desk. As the post piles up, it’s far too easy for important documents to get lost in the shuffle and communication with the debtor to cease. At HubSolv, we’ve digitised the full IVA process, reinventing the way that documentation has traditionally been shared. Going paperless has increased ease and efficiency for debtors, IPs and creditors involved in the process:


    👨🏻‍💻 – The debtor’s information can be passed directly into HubSolv via our API to populate the client module. All information needed for future document generation will sit here, such as income & expenditure, assets and creditor information. These details can be merged into dynamic fields to populate letter, email, or SMS templates for further communication.

    📲 – HubSolv Messenger offers a live chat environment with automated SMS messages, to streamline the upload of documents and affordability checks with secure Open Banking technology, and pull credit reports in a fully encrypted, GDPR-compliant way.

    💻 – Insolvency firms using HubSolv enjoy the unique benefit of gaining access to a wide network of introducers also using the platform. HubSolv can push packaged cases from these introducers to the insolvency firm in a standardised way. These efficiencies create a speedy resolution for the debtor and allow insolvency firms to easily increase capacity without increasing overheads.

    📨 – Our digital signature integration eliminates the need for a traditional wet signature and allows the debtor to receive, review, and approve the Proposal in real-time. Signature reminders can also be sent if the debtor is unable to sign upon initial receipt.

    ☑️ – With the capacity to generate and store thousands of templates, your HubSolv can produce the relevant Notice of Meetings documentation, which are then seamlessly imported into CreditorDesk. Two-way interaction then takes place, giving creditors the ability to submit their own documentation and submit votes. The paperless process ultimately draws to a close within CreditorDesk, where creditors can access the Chairman’s Report following IVA approval.


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