Moneyboat celebrates Technology Team of the Year Award 2021 shortlisting

It’s officially awards season and we’re celebrating another fantastic year of achievements here at Moneyboat. The news that our incredible tech team has been shortlisted in the Technology Team of the Year category at the Credit and Collections Technology Awards is all we can talk about in the office (and over Slack, of course!)

We’re so pleased to be able to acknowledge the hard work and dedication of our team and celebrate the partnerships that have helped us enhance the service we provide to our customers.

So what’s the award all about?

The Credit & Collections Technology Awards were launched in 2017 with the aim to reward technological innovation within the industry. The Awards highlight the success of companies and individuals who lead the way in enhancing credit and collections technology. The Technology Team of the Year Award identifies a stand-out team of individuals who have worked together to make a dramatic impact on a credit company.

Moneyboat lends directly to consumers who are looking for access to funds quickly. At the same time, we are absolutely committed to responsible lending and will not compromise on this. Our technology team have been able to create something, in the form of our bespoke in-house loan management system (LMS), that does so much of the hard work for us, so that we can be as focused on our customers as possible.

Welcome to the Moneyboat LMS...

Our loan management system has to be adaptable, flexible and intuitive. It needs to help us identify vulnerable applicants and identify those affected by Covid who should be protected from unmanageable debt. Then there’s compliance and user experience, which are further factors that need constant consideration. These are all challenges that our tech team have faced with great enthusiasm and positivity. They have shown the capability to design the perfect LMS for our unique business needs.

Our bespoke loan management system (LMS) has been designed by our tech team and customised for the specific requirements of our target audience. The team has exclusively engineered a unique, multi-layered AI system for Moneyboat that offers rapid customer response and sophisticated insight into affordability.

In 2020, the Moneyboat tech team developed a new Covid risk algorithm that enabled a deeper customer assessment. Unique UX design also encouraged customers to connect to our open banking system, increasing transparency and reducing overcommitted customers.

What we’ve achieved with the help of our incomparable technology team:

• We have a world-class platform for Moneyboat built for the specific needs of our customers.
• We’ve quickly built a customer base of 730,000 and generated a tenfold revenue increase over just 5 years.
• From a UX perspective, our Trustpilot score of 4.6/5 and 4.7/5 on Google speaks for itself. This is supported by our rapid response complaints portal.

How do we do it? By working together

Behind the scenes, we have a highly collaborative culture, which blends innovative thinking across all of our divisions. For example, our Covid task force worked together to design an underwriting feature set to increase customer quality and reduce risk. The successful new system was possible due to business-wide insight sharing and expertise.

Our technology team have also pushed ahead with some game-changing collaborations over the past year. We’ve teamed up with BUD Open Banking, helping us to improve customer experience, transparency and affordability checks. At the same time, our partnership with Payment-as-a-Service provider Modulr, means we can now offer customers funding within 15 minutes of their application being approved and all checks have been completed. For more about our 15 minute funding feature, click here.

Looking back, 2020/2021 has taught us the value of adaptability. Having an in-house LMS tailored to our customers, which our team are able to modify and customise, has been invaluable. We’re incredibly proud of everything we’ve achieved over the past year or so much of this can be attributed to the heroes in our tech team. Good luck on 4th November!