The cloud based platform uses APAC SmartForms technology that combines the criteria and application questions of 128 lenders, creating a generic application form.
To build the technology, APAC Systems analysed every lender and product in the market to come up with 816 application questions, which have been filtered down to a number of essential questions that can be completed (if necessary) at any point through the sales lifecycle.
Using traditional models an intermediary would capture the client information on one system, use a separate sourcing tool to find the best products and then start the application process via the lenders own systems.
But the APAC Systems model combines all three stages of the sales process – data collection, research and application – in a single place.
APAC Systems also eliminates the need to use different sourcing tools for different products as it covers everything from mortgages, bridging finance to secured loans. And the cascading nature of the software means that you only ever have to enter the same client information once no matter where the application ends up.
Smethurst said: “I find it bizarre that market leading sourcing tools do not contain bridging or secured loan products. This is the equivalent of SatNav containing only 75% of the roads.”
And he added: “Our system helps intermediaries find what’s best for the customer by checking their information against the whole of the industry as they go along.
“As a tool it provides everything they need a single application process with a compliant audit trail.”
White labeled versions of the platform are currently being made available to select packagers. Networks and large brokerages are planned next, followed by a full-scale launch later in the year.