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First ‘Application-to-Offer’ process using Nivo’s B2B Digital Messenger service

10th Aug 2020

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United Trust Bank (UTB) and Freedom Finance have completed a Second Charge ‘industry-first’ progressing a case from application to offer using the recently launched B2B Digital Messenger service developed by Nivo.

The new system, which eliminates the need for email and post, enables a seamless digital transfer and sharing of key customer documents and evidence such as biometric ID results, E-signed agreements, payslips, and bank statements, and makes all relevant information much easier to find in one easy to follow conversation trail. Real-time information exchange also overcomes periodic delays of transactional email and delivers higher levels of security.

UTB and Freedom Finance estimate that using the B2B Digital Messenger service reduced overall processing time by 3 to 4 days.

In addition to the considerable time saving, the app also provides a consistent platform for the lender and broker to communicate with each other and the customer securely throughout the course of a loan application making the journey easier and more intuitive for the customer.

United Trust Bank has led several digital firsts by implementing fintech solutions in the specialist lending market. The B2B Digital Messenger App was developed as a result of Nivo’s recently formed Second Charge Lenders Technology Steering Committee of which United Trust Bank, Freedom Finance and several other second charge lenders and brokers are active participants.

Buster Tolfree, Commercial Director – Mortgages, United Trust Bank, commented: “Once again UTB are at the forefront of digital innovation. We’re helping to develop and then adopt novel FinTech solutions designed to improve the application process for customers, brokers and lenders. It is important for UTB and the second charge industry that we continue to create quicker, smarter and more secure means of processing applications and delivering great customer outcomes.

“We all agree that quicker processing improves conversion so this new system should have a positive impact on our bottom line as well as improving the experience for borrowers. We enjoyed working together with Gareth and the Freedom Finance team and Mat and the team at Nivo as we watched this inaugural case proceed quickly and smoothly from application to offer. With the first offer under our belts other customers are already benefitting from this innovative system and I’m sure it won’t be long before most mortgage applications are managed this way.”

Josh Bowe, Head of Digital Operations, Freedom Finance commented: “We are delighted to partner with United Trust Bank on this initiative! We have already built a very strong partnership with UTB but this innovative process further enhances our relationship as it enables faster and smoother underwriting across both businesses whilst improving our customers’ experience. We firmly believe that this is the beginning of many game-changing initiatives that will benefit Freedom Finance and our partners, in addition to increasing data security and confidence in our ability to navigate borrowing for our customers.”

Mat Elliott, Chief Development Officer at Nivo, commented: “It’s brilliant to see our latest service land with such a positive impact. We designed it in partnership with the leading lenders and this proves the value in that approach. Now, we’re working on integrating into lenders’ systems so they can automate more and improve all broker interactions.”


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