verifi launches its virtual asset inspection platform for Aldermore Bank
verifi has launched its CRM-based virtual inspection platform with Aldermore Bank aimed to help Aldermore improve asset inspection standards across its asset finance lending portfolio.
Following a successful trial, Aldermore has selected verifi as its exclusive provider of virtual asset inspections in a multi-year partnership.
Game changer: self-certifi
What verifi’s founders believe can be a game-changer for Aldermore is the fact that borrowers, brokers, and even supplying dealers themselves can undertake asset inspections using verifi’s platform. The quality and validity of the information recorded in this “self certified” manner can give comfort to Aldermore without always needing to send an independent representative to physically inspect the asset. verifi’s self-certifi inspection technology has been developed specifically for asset-based lenders to address and mitigate risks.
Aldermore will benefit from a significantly improved process for inspecting assets across its lending portfolio by applying consistent inspection standards across all brokers. By adopting verifi’s platform, it means that Aldermore has access to faster and more robust asset inspections that can be completed within minutes, not days, without the cost and environmental impact of sending an inspector to site.
Aldermore plans to implement verifi’s inspection tool at all stages of the lending process: from proposal and payout stage, during in-life, and right the way through to end of term inspections.
“We are delighted that Aldermore have placed their trust in verifi to help them utilise our technology to improve asset inspection activities across their growing SME lending portfolio. We developed the platform with a singular focus to raise the bar for asset inspections across the UK asset-based-lending industry. Everything we do is premised on our core value: ‘If better is possible, good is not enough.’ We look forward to working with Aldermore and further developing an already successful relationship.”— verifi co-founder, Jonathan Garnett
“We had been looking for a remote asset inspection tool that was easy for our customers and brokers to use, and which could integrate into our existing business processes. With verifi’s platform we can now inspect more assets and efficiently collect consistent and usable information to inform our lending and risk management decisions.”— Tim Bearder, Aldermore’s Senior Specialist Vehicles Manager
verifi Platform: Improving standards using AI and meta-data
verifi’s platform works by creating a closed environment for recording hi-resolution imagery and collecting specific data based on the type of asset being inspected, all of which is done in real-time using a mobile device.
The platform then utilises artificial intelligence-powered algorithms to perform checks on the inspection data and immediately reports back to the lender to assist them with their verification of the existence and condition of the asset they are financing.
The inspection application also collects various meta-data such as geo-location information, meaning it records the time and location of where the asset inspection was performed.
The “closed system” nature of the inspection helps to prevent fraud because it continuously processes data in a matter of milliseconds from the device being used to perform the inspection. The platform will not allow images of assets to be uploaded from any other source. Additionally, the lender will be automatically alerted if, for example, the asset is not in the location it is expected to be.
“We’ve got algorithms running in the background that automatically will give a red flag in the report. It will say ‘these are the GPS coordinates of where the inspection took place’; if this doesn’t match where the asset is supposed to be, the system red flags the inspection to the lender at reporting stage alerting them to conduct further enquiries before e.g. payout is authorised.”— verifi co-founder and CTO, Jake McAllister
The technology also enables the lender to assess the physical condition of the asset because the real-time capturing of the hi-resolution imagery means lenders can more accurately evaluate the condition of the asset at any point during the finance lifecycle, McAllister explained.
Multiple asset types
In verifi’s experience, existing inspection standards failed to capture data relevant to specific assets which speaks to lending and credit risks; rather, relying on a more “one size fits all” approach to all assets being lent against.
verifi has developed specific inspections for a large number of defined asset types. These inspections are designed to capture valuable asset-specific data which the lender is able to integrate into its risk assessments when making lending decisions or managing ongoing portfolio risk.
“Important data is being missed by traditional inspection processes. As a lender, the data you would want to see for a piece of yellow plant or a CNC machine, for example, is naturally going to be different to, say, that of a private motor vehicle. Working with lenders, we have approached each inspection by assessing what they regard as important information relative to that specific class or type of asset; is there any information which directly or indirectly feeds into portfolio risk decisioning? By working together in this way, we have incorporated those learnings into our inspection platform to develop a full suite of asset-specific inspections.”— Jonathan Garnett
verifi is currently working with a number of other asset-based lenders to launch its inspection platform.
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