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EXCLUSIVE: Nivo launches broker-lender messenger service

Jessica Bird

July 15, 2020

Craig Collins Optimum

Nivo has launched a business-to-business digital messenger service, as a result of feedback from its recently formed Second Charge Lenders Technology Steering Committee.

Several members of the lender committee contributed to the development of the service, with Optimum Credit, United Trust Bank and Freedom Finance already running cases.

Conveyancer brands on Nivo, along with lenders Central Trust, Norton and Shawbrook Bank are planning to implement the service within the next few weeks.

The beta service was developed and implemented within five weeks of the inaugural meeting.

It was designed to eliminate the need for unsecure email and post in response to a push to reduce the back and forth between brokers and lenders.

The service enables subscribing lenders and their invited broker introducers to securely message each other through the course of a loan case.

It allows for sharing of key customer evidence such as biometric ID results, e-signed agreements, payslips and bank statements.

The service aims to overcome the shortcomings of lenders’ existing processes, such as lower levels of security in email communications, patchy audit trails, and fragmented information.

Craig Collins (pictured), wholesale director at Optimum Credit, said: “As we move away from our reliance on email, we are focused on making things easier for brokers.

“This solution meets the needs raised by the Lender Steer Co, we’re pleased to have launched its beta version quickly, and we’re excited by combining our market expertise with Nivo’s technology to keep improving it at a rapid pace.

“We’re already developing the next phase, including dynamic needs lists, which will provide a real time view of items which are still outstanding on the route to a loan completion.

“Ultimately, we plan to integrate the Nivo technology into our existing systems ensuring all brokers benefit from these developments to create value for lenders, brokers and customers alike.”

Mat Elliott, chief development officer at Nivo, said: “We created the Second Charge Lenders Technology Steering Committee with the intention of driving innovation and digital change in the second charge sector.

“The key takeaway from the first session was the importance of speed in the application process and a real need to improve broker-lender engagement, especially around reducing the effort involved during the back and forth communication around what lenders need from brokers.

“Now, little more than a month after our first meeting, we have implemented a solution that it’s out there, delivering results, and gathering feedback.

“We listened to the Lenders, analysed the issue, and developed a solution.

“It is exactly what the steering committee was set up to achieve.

“Technology will play a significant role in driving the recovery and growth of the second charge market.

“Most of the biggest lenders in the sector have agreed to work together to discuss and participate in helping to develop digital solutions to benefit the industry.

“I see this as the start of something transformational, shaped by the key players, brought to life through our platform and driven to market with our partners.”


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