• Does your CRM have the three most important requirements?

    23rd September 2020   |   Thought leadership

    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.

  • Where we’re at with Women in Fintech

    6th March 2020   |   Thought leadership


    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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  • 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   |   Thought leadership


    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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  • Automation & Open Banking: Enhancing decision-making in lending

    8th October 2019   |   Press Releases


    The current lending market has seen the emergence of software developments that help to streamline processes for loan origination and credit assessment.

    Increasingly, shifting consumer expectations and technology-led changes in the industry have taken financial institutions to be increasingly aware of the need to update their practices and make way for innovation, that can help to streamline the journey and enhance customer experience.

    Borrowers want processes to be fast and simple. Understandably, traditional practices and a rigorous framework in lending have presented a challenge – many lenders use paper-based approvals and manual procedures that cause the decision-making process to be slow, lengthy, and complicated, especially when it comes to data management. These intricate methods are also susceptible to lack of uniformity and human error. But this is where technology has come in to change the game.

    Fintech tools are penetrating the industry and helping lenders to improve efficiency and productivity in the journey of assessing creditworthiness and risks, so that it’s no longer a time-consuming, laborious task. In a matter of a few clicks, software applications can process a comprehensive view of documents required by the lender.

    Specialised automated software uses intelligent content recognition to verify documents, review and categorise transactions, and this happens 24/7, reducing manual efforts and time frames to a minimum. With automation, the lending process can be streamlined to save time and reduce costs, resulting in quicker turnarounds that contribute not only to a healthier client base, but also customer satisfaction.  

    As technology continues to set practices on autopilot, leading competitors are now looking to accelerate their decision-making processes with automation tools – and one more market force that cannot be ignored has entered the picture: Open Banking. Whilst automation has presented benefits mostly for lenders, with ways of enhancing productivity and efficiency; Open Banking brings advantages for both, businesses and also consumers.

    Open Banking has been driving competition in the finances services industry for the past couple of years, ever since it was brought to life by the UK’s Competition and Markets Authority (CMA) to provide customers with more choice and better access in terms of service providers.

    Open Banking, and the over-arching regulation underpinning the scheme, PSD2, have enabled individuals’ financial data-sharing in a secure way, giving customers control over their data, whilst urging banks and tech start-ups to innovate in new service developments. The result is a solution that is more robust than previous methods of app-based data sharing. What makes it more secure, is that the specifics of the data shared and those who are able to access it, are determined by the user. The industry is also heavily regulated, and any customer will need to opt-in to data sharing on any platform they wish to use. Furthermore, the information shared through Open Banking is subjected to strong security and encryption to ensure that it doesn’t fall into the wrong hands.

    The input of Open Banking in this evolving landscape is exciting the industry with a world of possibilities; but how can lenders really capitalise on these opportunities?

    Lenders and brokers can partner with FCA-authorised Open Banking service providers, known as Account Information Service Providers (AISPs), to request customers access to their financial data in a completely secure way, to then incorporate data into applications and risk models.


    Speeding up affordability checks and income verification


    Information available through Open Banking can cover banking transactions, bank statements and credit history – providing a full, accurate picture of an individual’s financial circumstances, which is a key step in the process of loan applications.

    The financial data shared through regulated providers can be used by lenders and loan brokers to quickly verify income, perform affordability checks and even categorise transactions. In the credit process, the implementation of open banking significantly reduces friction. Because the entire process takes place online, there is no need to collect copies of bank statements from borrowers, reducing time from application to acceptance to a minimum.

    Regulated service providers can embed the Open Banking functionality into a lender’s online application, to enable borrowers to share financial data and transaction history. The insights provided in return allow the lender to streamline income verification and affordability checks, simplifying tasks to only a few minutes.

    As the information shared can serve for completing identity checks and income verification directly with users’ banks, the implementation is also a powerful resource for companies in KYC/AML processes.


    Integrating Open Banking with automation tools


    Automations tailored to the industry are now able to incorporate Open Banking into the decision-making process to provide a solution that speeds up procedures for lenders and loan brokers, and also translates in a smooth and secure way for consumers to share their financial data.

    By automating the lending process and powering data-sharing with Open Banking, lenders can overcome the challenge of complicated procedures. Integrated solutions present powerful ways to facilitate the process for quicker, better-informed lending decisions. On the other side, borrowers can benefit from more efficient application processes and enhanced experience, quicker approvals, plus a product offering better tailored to their financial situation.

    The ability to collect data securely and instantly, and to get accurate insights directly from consumers’ banks can be easily attainable for companies by partnering with FCA-authorised providers, who can help businesses to embrace the full potential of Open Banking and get the edge in the competitive game.


    As an FCA-approved Registered Account Information Service Provider (RAISP), we at HubSolv are on hand to help forward-thinking firms in lending and financial services to make the most of Open Banking. Our integrated client portal, HubSolv Messenger, combines automation and Open Banking to improve efficiency in the process of ID verification, credit checks, bank statements and AML reports, for quick, accurate affordability assessments that can improve lending decisioning. 


    See article featured on Credit Connect


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  • Software solutions to minimise risk of failure in insolvency arrangements

    7th September 2019   |   Press Releases


    Failing IVAs and Trust Deeds have always been an issue in the personal insolvency industry. In the case of IVAs, the latest official statistics on failure rates have shown that, for the past four years, the percentage of IVAs failing within only the first three years has been on the rise.

    Reportedly, recent years have seen 9% of all IVAs failing within the first 12 months and double the percentage failing within the first 24 months.

    The reasons why an arrangement can fail are manifold, as debtors can miss months of repayments for multiple reasons – one issue is insolvency firms lacking the technology to gather all the relevant information for every case with ease and accuracy, to properly support their clients. Traditionally this is a lengthy, paper-based process. We’ve spent extensive time digitising this process for the benefit of both consumers and debt advice firms.

    The latest technologies can make a huge difference to get a clear view of individuals’ finances and affordability, helping to prevent arrangement failure.

    As a leading software provider, we at HubSolv have put increased emphasis on streamlining the IVA and Trust Deed process for all parties involved to help facilitate success of each case, from the moment of set up through to completion.

    An automated case management system can help insolvency professionals to get a more accurate picture of the debtor’s financial circumstances. At HubSolv, we are enriching the Income & Expenditure process with Open Banking technology to instantly provide accurate financial data.

    With integrated Open Banking, we can automatically populate information from the individual’s current account in real-time. The technology fully complies with the Standard Financial Statement and allows those in financial difficulty to share their data in a completely secure manner, for a full and accurate affordability assessment.

    The advances in case management systems assist in expediting the process for personal insolvency, but more importantly, they ensure transparency and accuracy in crucial stages, which helps to minimise the risk of arrangement failure.

    Advisors are able put forward a suitable solution based on an accurate picture of the client’s financial situation. Insolvency practitioners benefit from accurate information throughout the life of a case for debtors, while creditors can more easily forecast returns.

    With a focus on bringing transparency to the personal insolvency sector, we can also help to ensure consumers are treated more fairly and given the best advice for their unique situation.


    A smooth process from start to finish

    The role that Insolvency Practitioners and firms play to help people struggling with personal debt is becoming more important than ever. With the rising number of insolvency cases to process and the increase in failure rates, Insolvency Practitioners require software solutions that can significantly improve efficiencies and accuracy.

    The IVA or Trust Deed module in HubSolv helps insolvency practices to save time in all the stages of the process:

    Pre-appointment and Post-appointment modules with a workflow-based approach.

    Credit reporting and rule-based Income & Expenditure screens with an accurate decision process that suggests the most suitable solution for debtors.

    Secure meeting of creditors module to propose cases to creditors in a quick and easy way, submit modifications and register acceptance or rejection.

    Banking module to allow practices to automate arrears handling; payment of fees, dividends and collection of contributions.

    Automated messaging via email and SMS.

    Workflow automations easily configured to a company’s needs.

    Productivity enhancing tools including user tasking system, document templates, compliant document packs and fully customisable checklists.


    See article featured on ICAS website.


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