United Trust Bank (UTB) has extended the use of its Nivo electronic ‘facial recognition’ ID verification service to bridging customers.
The system, based on a smartphone app, was rolled out to UTB’s mortgage customers in September 2019.
Customers borrowing £1m or less are able to use the Nivo App, with verification taking 90 seconds to complete.
However customers can still choose to meet a UTB representative to go through the identity verification process.
Gavin Diamond, commercial director – bridging at UTB, said: “The introduction of the Nivo ID verification service for qualifying bridging loans will certainly make the application process quicker and easier for customers and their brokers.
“Nivo’s cutting edge solution will improve the process for all parties.
“UTB’s Mortgage customers have been benefitting from the service since September last year and we have been working closely with Nivo to enable the innovative service to be applied across more of our products.
“At UTB we are keen to introduce innovative fintech solutions where they help to streamline and simplify customer and broker journeys.
“We enjoy working with leading technology providers such as Nivo to improve efficiency.
“This enables us to devote more time to delivering a personal service and add value through our individual underwriting.”