oldgrumpy
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Post by oldgrumpy on Oct 10, 2014 12:20:50 GMT
Wait and see it definitely is! Perhaps we'll be able to up the new AI such that it buys a given loan only if there is a set discount. I'm afraid we'll just have to see how clever and how effective it is at buying the loans we want, or finding sellers for out discards. I guess AC are trying to gear up for the hopeful flood of Nisa investors, and to do away with the major aggravation of drawdown delays. Both commendable goals. As with any new system there are bound to be a few teething problems, and then a few opportunities for refining and improving things. Next week is going to be very entertaining, methinks ........... and chris still hasn't confirmed it will not blind us with purple and white 
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Post by chris on Oct 10, 2014 12:21:06 GMT
chrisIf Old Grumpy has a £100 of loan x he would sell if loan y were available, and Old Greedy had £100 of loan y he would sell if loan x were available, would the system be able to spot that and do a straight swop and would there need to be a fresh cleared £100 seed to get the swop initiated? (Old Grumpy/Old Greedy - one in the same if you ask me!) Yes it can figure that out
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Post by chris on Oct 10, 2014 12:23:28 GMT
AI is the manual option on the new site. You'll tell the system how much you want to increase or decrease your holdings by and it'll do the rest. There OKn't be individual loan units for sale and much of the loan unit availability will be through the automated diversification rules available on the more automated investment options, where loan units are only listed for sale if there's something available to buy - as such most loan units won't ever hit the aftermarket, they'll be bought and sold automatically in milliseconds. Our belief is that fully manual bidders in the traditional sense would be at such a disadvantage in the face of our own automation tools and those of others as we start opening up our API, that it was better to remove manual bidding and simplify the existing AI than to maintain something that disadvantaged those using it. That way you can manually select where your funds are invested on a loan by loan basis but fit in with the automated nature of investment at the loan unit level. Have you asked lenders if they want manual bidding abolished ? I suspect it would be a resounding NO. You have manual bidding on loans, you won't have manual bidding on individual loan units. That is more control than RateSetter for example and they're doing OK
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Post by chris on Oct 10, 2014 12:47:51 GMT
Buggsy -when I try to buy a set amount manually, the system selects units with a discount. I confirm. When I put stuff for sale I put a discount (however small) to go "front of the queue" and sell quite quickly even if 4999 units were up before me. Now, the questions for chris : If my AI says "buy £100 of Boyo Recycling(Cardiff)", will AI automatically buy the unit with the best discount? Will the new site show all discounts available so we can decide (a) what buying instruction to give our AI and (b) what discount to apply to our own sale units? Or should I wait and see? edit: If Buggsy likes me, and wants to sell me his units of Boyo etc for 20% discount, will that be possible with no manual purchasing?  You'll have to wait and see. There are ways of only buying loan units with a discount but they will follow a week after launch to allow the initial release to bed in before adding that complexity.
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bugs4me
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Post by bugs4me on Oct 10, 2014 13:00:42 GMT
Buggsy -when I try to buy a set amount manually, the system selects units with a discount. I confirm. When I put stuff for sale I put a discount (however small) to go "front of the queue" and sell quite quickly even if 4999 units were up before me. Now, the questions for chris : If my AI says "buy £100 of Boyo Recycling(Cardiff)", will AI automatically buy the unit with the best discount? Will the new site show all discounts available so we can decide (a) what buying instruction to give our AI and (b) what discount to apply to our own sale units? Or should I wait and see? edit: If Buggsy likes me, and wants to sell me his units of Boyo etc for 20% discount, will that be possible with no manual purchasing? You'll have to wait and see. There are ways of only buying loan units with a discount but they will follow a week after launch to allow the initial release to bed in before adding that complexity. Why are you floating round here chris - thought you were on holiday. Now log off and stay off - the queries will keep.
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Post by chris on Oct 10, 2014 13:03:04 GMT
Wait and see it definitely is! Perhaps we'll be able to up the new AI such that it buys a given loan only if there is a set discount. I'm afraid we'll just have to see how clever and how effective it is at buying the loans we want, or finding sellers for out discards. I guess AC are trying to gear up for the hopeful flood of Nisa investors, and to do away with the major aggravation of drawdown delays. Both commendable goals. As with any new system there are bound to be a few teething problems, and then a few opportunities for refining and improving things. Next week is going to be very entertaining, methinks ........... and chris still hasn't confirmed it will not blind us with purple and white You've already seen one of the key pages. Feedback from the handful of lenders who have seen the new site has been universally positive, but we do have a user experience expert joining the team in a couple of weeks who will be tasked with continually improving the site based on real world usage. So we're aiming for a solid start with continual improvement based on your feedback and stats regarding usage.
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shimself
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Post by shimself on Oct 10, 2014 13:49:38 GMT
What about giving those of us who would rather not use AI the opportunity of bidding at the same time as the underwriter funds are called in? No I think it's fair enough, you bid as the auction is drawing to a close, it is guaranteed to be drawn down shortly afterwards (? I'm pretty sure it is), your money is rusting doing nothing for what 2 weeks tops, perhaps less, instead of sitting in an instant access account earning 2%pa at best (ie 0.08% in 2 weeks). That sounds ok to me.
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Post by Ton ⓉⓞⓃ on Oct 10, 2014 15:03:15 GMT
If the new AI works as intimated, I'm willing to go with it. It will all depend on the fairness of allocation of small attractive loans though. If new loans are going to effectively be in 'preview' until drawdown there should be enough time (months in some cases) for people to do DD and set AI so they don't miss out completely. OK, I'm not saying that AI options should not be enhanced. I just don't see the need to abolish manual bidding. How will a non-manual system allow you to see the no. of discounted units, seller id and allow you to review a purchase before committing ? EDIT: Sorry I''ve mixed up the terminology. It's the abolition of manual process of buying units on the aftermarket that concerns me. I must admit to having a lot of sympathy for what you're saying. AC want to keep as many people happy as possible whilst meeting their own targets, after all AH, DR1 and Chris don't want another holiday in the Manchester Hotel. They want their bonuses! Looking at it from AC's point of view; 1.there's the constant barracking from posters about drawdown delay 2.SS are fantastic in many lenders eyes as they offer instant investment and excellent rates. (I can't confirm this; it's just the back wash of opinion, I've not as yet joined) So when you see the competition is catching up... 1.You bury your head in the sand, OR 2.Meet it head on and change. Bearing in mind of course that AC are still trying to balance Fairness to All, Safety, and Success for AC. This change now creates a gap in the market, hopefully someone new will come along or another co. will grow to feel the need. P.S. I didn't see this big change coming. SS seem to offer a very different product to AC. £100M who would bet against it now?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 10, 2014 15:08:33 GMT
I deny everything!! 
Imposter!!! That's clearly a different ape.... 
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oldgrumpy
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Post by oldgrumpy on Oct 10, 2014 15:22:10 GMT
I am looking forward to next week and am fairly sure I am going to be OK with most of what is made available. Some changes may be a disappointment, and I am willing to bet half my daily fruit ration for a week that there will be some glaring "whoopsies" as the new site reveals its unexpected (to AC as well as "retail" lenders - small fry such as me etc) quirks and twists. Compared with FC, FK, SS, Z, and RS (two of which I am now doing a controlled withdrawal from - I'm not in any others yet - looking at Abl opinions) I still think AC will be a strong platform for my requirements. If the new site is complicated ..... well, this old badtemperedsilversurfer will just have to learn to use the bits he wants. :-) Have a good weekend gentlemen - drawdown moans will soon be at an end ... maybe by Christmas - I've just realised I'm stilll committed to Worcester! signed UnGrumps (Home made chicken curry etc tonight)  |
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Post by jackpease on Oct 10, 2014 15:23:05 GMT
Chris said: Feedback from the handful of lenders who have seen the new site has been universally positive Ratesetter said "the vast majority" liked its redesign but it is horrible. We will soon find out if the brand boys have similarly deluded Assetz' management team..... Jack P
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jo
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dead
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Post by jo on Oct 10, 2014 15:28:52 GMT
Chris said: Feedback from the handful of lenders who have seen the new site has been universally positive Ratesetter said "the vast majority" liked its redesign but it is horrible. We will soon find out if the brand boys have similarly deluded Assetz' management team..... Jack P It's beyond horrible, it's idiotic, learn plz AC
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oldgrumpy
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Post by oldgrumpy on Oct 10, 2014 15:29:14 GMT
I deny everything!!
Imposter!!! That's clearly a different ape.... Now what can I say to accusations like that? Don't you like my handsome side?  PS I've put your missing apostrophe in - must maintain standards, what? Don't yer know?
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shimself
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Post by shimself on Oct 10, 2014 15:42:38 GMT
..we do have a user experience expert joining the team in a couple of weeks ..... I rather hope we amounted to the "user experience expertise"
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Post by chris on Oct 10, 2014 15:49:11 GMT
..we do have a user experience expert joining the team in a couple of weeks ..... I rather hope we amounted to the "user experience expertise" You are part of the equation but we can't run every last design past every user and design by committee. Someone somewhere needs to take responsibility for the way users interact with the system at both the micro and macro level. This new starter is that person.
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