Paragon Bank has selected Alfa to power its new commercial lending transformation programme.

The partnership will replace Paragon’s legacy systems and streamline the group’s end-to-end lending process.

Paragon said the strategic initiative will modernise its SME lending operations, diversify its product portfolio and enhance the experience for customers and brokers. The bank is aiming to implement the Alfa Systems platform in 24 weeks.

Managing director of SME lending at Paragon and chair of the Finance & Leasing Association, John Phillipou, said: “We’re looking forward to taking on this next step of digital transformation in partnership with Alfa to take Paragon SME Lending to the next level of customer experience.

“This new system will enable us to enhance our offering, improve our efficiency and provide a seamless journey for our customers. We’re excited to be working with Andrew and the team at Alfa as we start the new year.”

Alfa CEO, Andrew Denton, added: “We’re delighted to partner with Paragon on this exciting and ambitious initiative to enhance its lending operations. Paragon is one of the most exciting, dynamic and forward-thinking banks in the UK, with a reputation for running a top-quality operation.

“With Alfa Systems they’ll benefit from a SaaS solution that provides outstanding efficiency and functional depth, and with Alfa Start they’ll have the advantage of a rapid and cost-effective implementation. We look forward to supporting Paragon as it finds further success in the coming years.”

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