Nivo is looking to assist brokers and other businesses who may be struggling to tackle Consumer Duty.
With immediate effect, Nivo is offering firms wishing to benefit from its secure instant messaging, facial ID recognition and instant document scanning and transfer solution for up to five users per firm and 50 ID verification checks for free.
The FCA’s Consumer Duty represents a significant change in what it expects firms in retail financial markets to deliver to customers. It introduces a new Consumer Principle, which requires firms “to act to deliver good outcomes for retail customers”. The FCA wants to see firms deliver a higher standard of customer care and go further to equip consumers to make good decisions in their interests. Firms are required to implement the rules for open products and services by the 31st of July 2023 and many brokers and lenders are racing to improve their services and processes ahead of the deadline.
The FCA have also highlighted that consistently poor or excessively slow service channels of support that do not meet the needs of customers, including customers dealing with non-standard issues, and customers with characteristics of a vulnerability, will not be tolerated.
Nivo believes that, with speed, ease and quality of communication during and after the sale an important part of the new Consumer Duty requirements, its technology can quickly transform a business’s capability to exceed expectations and be fully operational within just three weeks.
Based on before and after client experiences, Nivo estimate that whilst it took on average seven days to gather all necessary documentation from customers when progressing a secured loan application, with Nivo it takes five hours and that an agent using Nivo was twice as efficient as they were before.
The Nivo mobile app can enable customers to engage with brokers and lenders 24/7 helping them to deliver all the information they need to progress their mortgage, second charge, bridging loan or other financial product quickly and easily, the firm claims.
Damon Williams, sales director of Nivo, said: “Consumer Duty is at the top of many firms’ worry lists but a digital and largely automated communication and workflow solution such as Nivo can very easily transform a business from one struggling to meet the demands of the new regulation to one at the cutting edge of broker/customer/lender communications.
“Brokers now have around 125 days to get prepared for Consumer Duty and many will be thinking that the answer to better customer outcomes is more customer service agents when actually technology which simplifies, automates and accelerates many of the routine processes required for a loan application is very likely going to be a quicker, cheaper and a more scalable solution. We expect that most firms which choose Nivo will not only solve their Consumer Duty worries, they will increase their effectiveness and improve conversions too.”