Nivo identified and solved problems Freedom Finance didn’t know they had
Freedom Finance predominantly relied on couriers for the processing of our cases. When they looked to implement a more efficient technology, speed was one of the main drivers, the quicker a case can be turned around the less resource needed.
In reality, though the challenge came down to a lack of control over the process, as Andy Fisher, Chief Commercial Officer from Freedom Finance explains:
“Where we were in the hands of couriers and the royal mail, the cycle of an application we were not in control of as a lot of it relied on external factors. Nivo has meant that we are in control of the process to a much greater extent enabling us to track progress, drive completions and chase for outstanding information using very little resource.”
Issues building continuity with couriers plus the high costs with an average of £65 per send, missed appointments causing dissatisfied customers and complaints, plus paperwork mistakes resulted in an inefficient process that used more resources than we could afford.
When it comes to shortening the process to confirm affordability by gathering factual information no other solution was competing on the same level as Nivo with having everything in one solution.
Improving the accuracy and speeding up the process is beneficial for the customer which is ultimately what Freedom was looking to achieve.
From the four years of working together, Freedom Finance has experienced a 90% increase in advisor productivity and outcome down to having Nivo as an application partner.
“On average each advisor could complete 10 advice sales or recommendations a week, the reason it is 10 is because of the amount of work we had to do around it which will this process we longer have to. That number is now closer to 3, 3.2 advise sales per advisor.”
The Nivo solution
While Nivo’s technology is distinguished in the market, one of the things we pride ourselves on is having the best in-house expertise.
“We met with Mat in the early stages and I remember thinking he just gets it, there is no hard sell here because he knows the market, understands the pressures I knew about, highlighted issues I wasn’t aware of, and a solution that will work for us.”
Looking through the lens of the customer, the Nivo features that have had the most impact include usability with access to 24/7 non-interrupted instant messaging and the ID functionality - customers don’t have to release their physical passport.
Freedom Finance has grown significantly through the pandemic. We went into the pandemic with 230 staff and we’re 20% larger on a units basis we currently have 140 staff today. This represents a significant reduction in headcount with a significant increase in volume and output because of the efficiency provided by the technology.
"There are benefits to using Nivo that you don’t even realise until you go live. We wish we started a lot sooner.”
Seamless transfer of a customers’ verified identity reports across organisations.
Necessary controls ensure the signatory is who they claim to be.
Send SMS reminders, updates and onboarding notifications from the agent portal.
Nivo was integrated into their current tech stack for increased efficiency
Advanced document verification and facial biometrics technology verify identities.