It aims to help brokers meet Consumer Duty deadline
Fintech company Nivo is making its mobile app and verified messaging technology available for free to brokers and other businesses who may be struggling to tackle Consumer Duty pain points.
Nivo is offering firms wishing to benefit from its secure instant messaging, facial ID recognition, and instant document scanning and transfer solution for up to five users per firm and 50 identity verification checks free of charge.
The developer said its five-star rate mobile app enabled customers to engage with brokers and lenders any time, helping them to deliver all the information they needed to progress their mortgage, second charge, bridging loan, or other financial products quickly and easily. It utilises secure instant messaging, along with a range of fintech features, such as remote biometric identity verification, e-signing, secure document gathering, and automated workflows.
The Financial Conduct Authority’s Consumer Duty represents a significant change in what it expects firms in retail financial markets to deliver to customers. Firms are required to implement the rules for open products and services by July 31, 2023, and many brokers and lenders are racing to improve their services and processes ahead of the deadline.
With speed, ease and quality of communication during and after the sale an important part of the new Consumer Duty requirements, Nivo claims that its technology can quickly transform a business’s capability to exceed expectations and be fully operational within just three weeks.
Based on before and after client experiences, Nivo estimated that while it took on average seven days to gather all necessary documentation from customers when progressing a secured loan application, it took just five hours with Nivo, and that an agent using its technology could be twice as efficient as they were before.
The system is built around verified identity messaging, and it enables providers to shift from cumbersome email, phone and paper processes to a smooth, automated, digital journey, which accelerated processing and freed up staff time to concentrate on adding value and converting more business.
“Consumer Duty is at the top of many firms’ worry lists, but a digital and largely automated communication and workflow solution such as Nivo can very easily transform a business from one struggling to meet the demands of the new regulation to one at the cutting edge of broker-customer-lender communications,” said Damon Williams (pictured), sales director at Nivo.
“Brokers now have around 125 days to get prepared for Consumer Duty, and many will be thinking that the answer to better customer outcomes is more customer service agents, when actually technology which simplifies, automates and accelerates many of the routine processes required for a loan application is very likely going to be a quicker, cheaper and a more scalable solution.
“We expect that most firms which choose Nivo will not only solve their Consumer Duty worries, they will increase their effectiveness and improve conversions too.”
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