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Cleary hits out at ‘dinosaurs’

Edeus managing director Alan Cleary has hit back at lenders which criticise the technological advances his firm has made.

Cleary told delegates at Financial Services Scotland that he is fed up with lenders taking a pop at Edeus when they have failed to develop their own systems to speed up transactions.

Edeus, which launched last September, began producing instant offers within weeks using automated valuation models. Cleary said: “A lot of the lenders are trying to rubbish our technology because they do not have the brands or the capital to launch it. Those that are rubbishing AVMs are next year’s dinosaurs and I do not take much notice of them.

“Everything will be done through hand-held devices and you can even do it lying on a beach in Barbados.”

He said the new lenders are causing the traditional players to sit up and take notice. Cleary said: “Lenders had it good for the last eight or 10 years as the credit environment has been benign and there have been few losses. Look at BM – it copied us on buy-to-let rental calculations but it is not as good as ours.”

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