Click Decision has been developed after research was conducted with intermediaries to understand their needs and frustrations with current online offerings. The research also identified some key elements that an online decision system must have and these are: -
- It must be simple to use, to ensure everyone can use it, not just those with everyday experience of internet facilities
- It must give a binding decision, as nothing frustrates intermediaries more than lenders reversing decisions once the application is received
- By using cascade underwriting, intermediaries only need to submit a decision once, as the system will advise which scheme the applicants credit profile will fit
“Click Decision” is the latest stage in Platform’s online development, following on from the launch of the lender’s online Pre-Sale Key Facts Illustration (KFI) on 1 November 2004. Further enhancements expected in the near future include a full online application process.
Key features of Click Decision
- Decision delivered within minutes
- Simple login process using email addresses for usernames and also user-defined passwords
- Clear navigation with the only validation of mandatory information during the ‘Check and Send’ step, reflecting the fact that not all users will have all the information in the same order at the same time
- The form can be saved allowing users to return at a more convenient time
- Allows sharing of data between online KFI and online Decision to minimise data entry duplication
Whilst significantly enhancing its online capability, Platform has also taken the opportunity to make exciting changes, to both enhance the competitiveness of its key existing business areas and extend their reach into new markets. Most significantly, the lender has increased its Self-Certification LTV to 90%, launched Almost Prime & Near Prime non-conforming products to bridge the gap between its conforming & non-conforming ranges, increased its Buy to Let lending limits to £3m & 25 properties and reduced the buy to let rental assessment to use pay rates of 3 years or more. In addition, Platform dropped its Higher Lending Charge from all conforming products up to 90% LTV.
Guy Batchelor, Sales & Marketing Director, Platform, commented; “The launch of “Click Decision” is a significant development for Platform and we have planned our strategy carefully so that we are in a position to successfully meet the demands of an ever more dynamic and competitive business environment. Our aim is to improve on the systems already out there, creating a ‘best of breed’ online facility. We believe that our in depth research among brokers has given us the edge in delivering the superior service and products that our clients need.”
“We’re now pushing forward with the next stage in our online offering - the launch of our online application and we anticipate introducing this to the market later this year. Alongside the significant product initiatives that we’re currently introducing to the market, we believe that this is the strongest Platform offering that we’ve ever launched to the intermediary market.”