United Trust Bank (UTB) and Freedom Finance have completed their first ‘application to offer’ process using new Nivo’s B2B Digital Messenger service.
The firms says this represents a second charge ‘industry first’, using the Nico system which eliminates the need for email and post, enabling a digital transfer and sharing of key customer documents and evidence such as biometric ID results, e-signed agreements, payslips and bank statements.
UTB and Freedom Finance estimate that using the B2B Digital Messenger service reduced overall processing time by three to four days.
Buster Tolfree (pictured), commercial director – mortgages, United Trust Bank, said: “Once again UTB are at the forefront of digital innovation. We’re helping to develop and then adopt novel FinTech solutions designed to improve the application process for customers, brokers and lenders. It is important for UTB and the second charge industry that we continue to create quicker, smarter and more secure means of processing applications and delivering great customer outcomes.
“We all agree that quicker processing improves conversion so this new system should have a positive impact on our bottom line as well as improving the experience for borrowers. We enjoyed working together with Gareth and the Freedom Finance team and Mat and the team at Nivo as we watched this inaugural case proceed quickly and smoothly from application to offer. With the first offer under our belts other customers are already benefitting from this innovative system and I’m sure it won’t be long before most mortgage applications are managed this way.”
Josh Bowe, head of digital operations at Freedom Finance, added: “We are delighted to partner with United Trust Bank on this initiative. We have already built a very strong partnership with UTB but this innovative process further enhances our relationship as it enables faster and smoother underwriting across both businesses whilst improving our customers’ experience.
“We firmly believe that this is the beginning of many game-changing initiatives that will benefit Freedom Finance and our partners, in addition to increasing data security and confidence in our ability to navigate borrowing for our customers.”