Standard Life Home Finance selects finova to power move into the Equity Release market
- finova chosen to provide the software that will underpin the offering
- Entire implementation and go-live completed in 8 months and ahead of schedule
finova has been selected to provide the software that will power Standard Life Home Finance’s move into the UK Equity Release market, following a competitive tender process.
Standard Life Home Finance (SLHF) started lending in November with finova’s solution being delivered in full within eight months, and ahead of schedule. This was possible by adopting finova’s standard platform which allowed quick implementation and configuration to support SLHF’s ability to develop unique propositions.
finova’s Equity Release Solution delivers an end-to-end digital journey, allowing the management of direct applications and offering several other benefits including:
- Flexibility: The system offers self-service automation and can be configured by Standard Life to meet the needs of both their business and clients
- Lifetime mortgages: Through the solution, Standard Life Home Finance can sell lifetime mortgages in the form of lump sum or drawdown mortgage plans
- Third party applications: The system seamlessly integrates with finova’s ecosystem of 20 third-party applications such as Experian and Equifax
Andy Cumming, Delivery Director – Core Banking, finova, comments: “We are thrilled to partner with Standard Life Home Finance as the business enters its next stage of growth and navigates a new market. The flexibility offered by our Equity Release Platform is designed to simplify the implementation process while empowering this well-respected brand to be unique in the market. The origination and servicing functionalities provide this lender with a holistic platform to suit their needs. For finova, our partnership with Standard Life Home Finance represents a key step in our efforts to provide end-to-end digital journeys, and we look forward to further solidifying this partnership.”
Kay Westgarth, Head of Sales at Standard Life Home Finance, comments: “We’ve been impressed by the flexibility that finova’s solution offers, from its configurable features to how it can be moulded to suit our requirements as a business. As we look to break into this exciting new market, we have no doubt that this system will hold us in great stead.”