Jack Smith from Love Finance shares his experience of incorporating Nivo into their customer journey
22nd Jun 2020
Jack Smith, Managing Director of Love Finance recently enlisted Nivo to further improve their customer experience. Here, he explains their first thoughts after incorporating the technology, including staff feedback, ease of setup, and early results:
Integrating Nivo’s identification and verification software into our sales process was seamless. We’re quite a techy company and tend to pick things up quickly, but I don’t think that’s a prerequisite to find the implementation of Nivo straightforward.
In real terms, we just created some simple chatbots to respond to initial inquiries, and then the text message automatically directs the customer to download the app and follow the prompts.
All of our staff have embraced it because it’s removed a step in the sales process for them. They no longer have to chase utility bills for identification, for example, the Nivo app takes care of it. It’s also provided another touchpoint. In addition to phone and email, we can contact customers through the app.
One of my initial concerns was that if customers had to take pictures and videos of themselves and speak into the camera, it would adversely affect the completion rates. But it hasn’t at all. Every single customer has used it. It’s self-explanatory for them and proves the user journey is a success.
Perhaps it shouldn’t be a surprise our customers are mobile-savvy. We’re business-to-business and traditionally might expect applicants to prefer to use laptops and desktops, but that is simply not the case anymore. A lot of our business is driven direct from the construction, retail, and hospitality sectors and 50% of loans come via customers applying through their mobiles. As a mobile-based application, it makes sense that our customers are comfortable using Nivo.
In terms of the identification and verification, previously our processes were very ‘old school’ to eliminate the risk of fraud. Collecting landline and utility bills usually played a big part in the process and it put another obstacle in front of customers. Trying to get them to find the bill so we can verify that landline and mitigate the risk of fraud is arduous. How many small firms really use their landlines these days anyway? Everyone has a mobile, though, and through Nivo we can use it to verify the individual within minutes.
For any deal over £25,000, we would also have to perform a site visit. You can see from our website that Love Finance prides itself on innovation, with instant credit decisions, e-signed documents, and everything completed within a few hours. Driving to the end of the earth to meet potential clients and check who they say they are doesn’t fit with this ethos and isn’t a practical solution. Thanks to tying up with Nivo, we now don’t have to undertake site visits unless the deal is worth over £50,000. It’s cut visits by 83% and taken our larger deal completion time down from three days to 24 hours, as well as saving a lot of petrol and staff time out of the office.
Perhaps the biggest benefit though is how Nivo has cut our susceptibility to fraud. If Love Finance pays out £20,000 to a fraudulent customer, that’s £20,000 we’ve lost. We cannot go to the authorities, stamping our feet, demanding reimbursement.
Nivo is invaluable in eliminating the risk of fraud in a way our old processes couldn’t. While utility bills and proof of address can quite easily be fabricated, real-time video technology of your own face, analysed by AI, is a lot harder to manipulate.
Fraud is a huge threat. Most of the time we just have to accept it as a cost to sale. In other words, a certain percentage of your turnover you expect to be fraudulent. I expect integrating Nivo will help drop our fraud rates by 90%, so it certainly helps us sleep at night.
By Jack Smith, Managing Director of Love Finance