Redline’s platform powers RAC and Shawbrook’s new product

Redline’s direct-to-customer loan decisioning engine, Cognition Direct, is powering an innovative new motor finance product, RAC Flexiloan, launched last week by Shawbrook Bank and the motor services company.

RAC Flexiloan allows used car buyers to defer a portion of the borrowing until the end of the term, so typically there’s a lower monthly repayment with a larger final repayment in the last month. Unlike most dealer finance, the car buyer owns the car from the start and there’s no excess mileage charges to worry about.

Designed, built and implemented by Redline’s specialist team, the online lending platform provides applicants with a swift and engaging customer experience culminating in a decision for the right loan product. Contract agreements are administered and securely executed by ID verified, advanced e-signature, courtesy of Bonafidee.

Winner of The Financial Reporter Industry Awards for the ‘Best Unsecured Loan Lender 2017’, Shawbrook Bank carried out a thorough external procurement process to fully consider all relevant suppliers in the marketplace. Ultimately, their decision to award the business to Redline is testimony to the long-standing partnership between the bank and the Tunbridge Wells based software house.

Steve Toms, Managing Director at Redline commented, “It further illustrates the satisfaction felt by Shawbrook in terms of the levels of innovation, technical knowledge and service that we provide them with. To win the business, we had to prove our ability to respond quickly, to deliver innovative functionality against a backdrop of regulatory change, with the challenges of cybersecurity and GDPR being of critical importance to our clients”.

Paul Went, Products and Markets Director at Shawbrook Bank, said “Working together with the RAC, we saw a need in the used car market for a finance product that offers the benefits of traditional car finance products, such as PCP and HP, but gives the car owner the same control as taking an unsecured personal loan for their car purchase. Redline’s technical expertise and support enabled us to quickly bring the product to market”.

Widely adopted in the motor finance sector, Redline’s impressive track record includes the design and development of lending platforms for other parts of Shawbrook Bank’s consumer portfolio – home improvements, retail finance and personal loans.