ASTL newsletter: How technology is changing the bridging market
I was pleased to be asked to contribute to ASTL's newsletter to provide some thoughts on how technology is changing the bridging market
It would be trite to say that this year has had a profound impact on how we work. Twelve months ago, few of us could have imagined the challenges the last year has thrown our way. However, despite the difficulties, lenders have responded by accelerating their technology agenda, for the better.
These are some of the key technologies we’ve seen make the biggest impact within the last year
When the world packed up their desks and took the last commuter train home, lenders were forced to adapt quickly.
Clearly, working from home poses operational challenges for businesses and borrowers alike. Many of us do not have access to a printer outside of the office and trips to the post office suddenly became avoidable. Despite this, lenders are expected to meet the same high levels of customer service and speed.
One way to tackle that issue has been offering borrowers the ease and convenience of e-signing offer letters and terms - without a printer, pen or postman in sight. This way, lenders could keep business moving, regardless of the uncertainty. Unsurprisingly, when customers are polled on what their preference is, e-signing trumps the alternative.
2. ID verification
This month, HM Land Registry announced the Digital Identity Standard, encouraging the use of digital technology in identity verification.
This milestone announcement means that certified copies and face-to-face meetings are no longer needed, and lenders can still safeguard their compliance while working remotely. It has never been easier, quicker and more secure to verify someone’s identity and trust the customer is who they say they are.
3. Moving away from email, WhatsApp and other unsecure channels
At the start of lockdown, the UK Government Counter Fraud body sent a stark warning that the threat of fraud would increase. A change in lifestyle would open new avenues for fraudsters to use to impersonate and attack.
Taking this into account, and coupled with the ongoing pressure of GDPR, lenders have moved towards minimising reliance of, or entirely removing email and WhatsApp from their process to reduce the growing risk.
Achieving this can be no easy feat as lenders are tasked with striking the right balance between security and customer experience.
At Nivo, we’ve built a secure messaging network and 5* rated app that is integrated with fintech features such as ID&V and e-signing.Nivo facilitates secure borrower-broker-lender-solicitor conversations, that helps providers move away from email altogether, and instead offer a market-leading customer experience to borrowers and third parties.
Polly Taylor-Pullen heads up business development at Nivo. For more information, feel free to email firstname.lastname@example.org
See the full newsletter here.