5 Minute Bridging Loan: Nivo improves BFS' customer experience
Bridging Finance Solutions (BFS) is the first Bridging client to go live with Nivo and has reduced its loans to as little as 5 minutes. The following is an article taken from Best Advice covering their adoption of the technology:
Bridging Finance Solutions (BFS) has integrated a fully digital processing system into its process. BFS has worked with customer experience focused FinTech, Nivo, who have supported the move which will now enable digital/remote access of every feature of the application process as part of one seamless journey.Steve Barber, managing director of Bridging Finance Solutions, said:
“We are constantly exploring new ways where technology can improve our business processes, opening and enhancing channels of communication.
“The introduction of Nivo’s mobile-based onboarding and servicing solution will speed up the process considerably, removing lengthy wait times typically associated with signature driven documentation."
Through Nivo, BFS can authenticate the applicant instantly with biometric technology, gather sensitive documentation from their customers over their mobile phone, and use Nivo’s immutable e-signing capabilities to finalise deals with their customers.
They also can automate messaging with bots to ensure that their customers can reach them and continue processes out of business hours. Using this fully integrated single system, BFS is also able to now step away from using separate providers for open banking, ID&V, and e-signing, now gaining the benefits of using one for all that offers a seamless user journey. These enhancements make the loan process easier than ever before for BFS, and their clients
“Whilst this approach is very much in its infancy, we have completed a number of applications and can see that an average application is taking some five minutes compared to hours, when following a traditional route. We’re incredibly pleased to once again be seen to lead the way in terms of our use of technology, and are the first bridging company to introduce this new and vastly improved way of working.”
Polly Taylor-Pullen, business development manager at Nivo, added:
“Bridging Finance Solutions are a truly customer first organisation and have demonstrated a real willingness to improve the experience of their clients. We’re proud to be helping them to deliver a leading mobile experience that reduces effort, cuts fraud and boosts satisfaction.“We’re delighted to announce this partnership and further establish Nivo as the technology partner of choice for effective digital customer experience.”
Find out how Nivo can support other Lenders and Brokers here.