Secured Loan Company The Personal Finance Center chose Nivo to implement their app-based application process to speed up and improve client journeys when setting up mortgages and second-hand loans. rank.
The Personal Finance Center aims to double its loan volumes this year and moved in June to its new head office in Hull. She sees the digital transformation of her loan application and client onboarding processes as key to her success.
The broker had identified that the time taken to collect relevant information from clients, especially if it was sent by post, created delays and unnecessary administrative burden. He estimated that up to half of their time was spent searching for documents and answers and that the additional friction created the perception that a high degree of customer effort was needed, resulting in higher dropouts.
The Nivo app will streamline and speed up the application process, reduce administration time and effort, and reduce The Personal Finance Center’s use of email and post for communications, shifting to a mobile experience instead. based on secure instant messaging with levels of security and ease of use than that provided by email.
Customers of the Personal Finance Center can also use the Nivo app to provide biometric identity verification, electronic signatures and share documents such as bank statements and payslips with the broker securely. TheePersonal Finance Center also uses smart messaging “bots” that can help clients around the clock, automating and speeding up the application process.
The Personal Finance Center has identified significant benefits of digitizing their business, including significantly reduced time for staff spent chasing customers and performing repetitive tasks and reducing the time to sales journey to less than three days. . He also estimates a reduction in the average processing time for applications to less than 20 days, which reduces file abandonments and increases revenues.
Mark Cooke, Managing Director of The Personal Finance Center, said: “The digital transformation of our business is key to our growth plans. So when we looked for a partner to deliver the FinTech solution we needed, Nivo was able to deliver whatever we wanted very quickly and avoiding the expense of in-house development. The Nivo app improves and speeds up the customer journey and is expected to significantly reduce the time our team spends on boring administrative tasks, freeing up resources to add value to our service.
“In addition, the secure messaging system allows us to communicate with clients quickly and much more securely than with email, which is an important factor when it comes to dealing with sensitive financial documents. With our sales process and administration now much faster and smoother, I can’t wait to see the positive impact Nivo will have on our customer experience and ultimately our revenue.
Zach Thomas (photo), Account Manager at Nivo, added: “The Nivo app is a fast and cost effective way for brokers to reduce application times, improve the security of their communications and offer a smoother and safer travel to their customers. Time is critical in the mortgage industry, with conversions improving as application processing times accelerate. We can integrate the Nivo white label app into brokers’ systems in about two weeks, and the benefits of digitization processes such as identity verification and document transfer are seen almost instantly.
“Consumers are increasingly mobile savvy and today expect to transact with businesses using well-designed and intuitive applications. Nivo provides brokers with an impressive and professional solution that provides their clients with a great digital experience that complements great personalized service.