Working together: specialist banks and brokers
Jon Maycock, managing director of asset finance at Hampshire Triust Bank | 16:58 Wednesday 27th June 2018
The relationship between specialist banks and brokers is fundamental in providing SMEs with access to finance.
By working in partnership with a network of introducers across the country, together we provide businesses with a wider range of financing options and choice, far beyond that which can be offered by the high street banks. With the first half of the year drawing to a close, it seems like an opportune time to reflect on the first six months of 2018 and the importance of specialist banks retaining their broker focus as we move into H2.
With Brexit looming on the horizon, we recognise that ongoing economic uncertainty is creating a challenging environment for brokers and the SMEs they support. However, there are positive signs of growth and introducers have a vital role to play in helping support smaller businesses in making the most of opportunities as they arise.
According to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), the new van market is holding steady with 2.4% growth, meaning it remains at a historically high level. This is encouraging news, however, in order to drive long-term growth, we need to work together to ensure we are offering SMEs the right finance options to meet their needs and ensure they are able to invest in their fleets and the other assets, whether that be IT equipment or plant and machinery.
The importance of brokers in the specialist banking model cannot be overestimated. Brokers provide SMEs with access to specialist lenders, such as Hampshire Trust Bank. In turn, we have a responsibility to continue to sharpen our broker focus and do everything we can to support the introducer sector.
So, what are we doing and why? Well, first and foremost, we want to make it easier for brokers to do business with us. We launched our web portal less than 12 months ago and are continually working to enhance its functionality, recently introducing automatic document generation, saving time and improving accuracy. We have more enhancements in the pipeline and are constantly listening to feedback so we can refine and improve our offering.
Not only have we invested heavily in our digital proposition, we also invest in our people. We are expanding our regional business development team and all of our employees will be taking part in asset finance foundation training over the next month or so.
This investment in our people means brokers have access to specialists that truly understand the market. As a result, credit decisions at Hampshire Trust Bank are now being made in less than four hours and the team is consistently delivering same-day pay outs. This investment in expertise means we have expanded our risk appetite across a range of diverse assets and are actively engaging with brokers in specialist sectors of the market, providing finance to SMEs of all shapes, sizes and sectors.
With SMEs driving the engine of the UK economy, specialist banks and brokers have a vital role to play in providing the finance these businesses need to thrive and grow. We will continue to work together with our broker partners to do everything we can to help boost British business, now and in the future.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
British Business Bank UK Network aims to improve funding awareness across UK
The British Business Bank UK Network will help to improve awareness of funding options across the UK by directly approaching business finance professionals...
Building with confidence in challenging times
It is difficult to think of a time in the past three decades when the chasm between the interests of UK business and the Palace of Westminster has been more exposed than the Brexit debacle...
Real Property Finance passes £100m in deals with Cambridge & Counties Bank
Cambridge & Counties Bank has provided more than £100m of loans for the clients of Real Property Finance (RPF)...
Metro Bank reports 48% increase in lending
Metro Bank has reported that its lending increased by 48% in 2018 compared with 2017...
Metro Bank appoints Luke Lloyd-Davies to advisory board
Metro Bank has appointed Luke Lloyd-Davies to its advisory board...
OakNorth: how some of the entrepreneurs we’ve lent to first got started
For many, the new year brings with it new possibilities and the chance to explore new opportunities...
Hanley Economic BS to push self-build offering
Hanley Economic Building Society is set to commence an extensive 2019 self-build campaign as it aims to engage with growing numbers of self-builders...
NatWest offers Esme Loans directly to its SME customers
NatWest will now offer Esme Loans products directly to its existing SME customers...
OSB appoints new NED
OneSavings Bank has announced that it has appointed Sarah Hedger as a non-executive director, with effect from 1st February...
Tandem Bank reaches 500,000 customers
Tandem has announced that it has reached 500,000 customers one year on from being granted a full banking licence...
Bank Leumi UK appoints new head
Bank Leumi (UK) has appointed Sarah Ryman (pictured above) as its new head of premier banking and liabilities...