Specialist second charge lender Evolution Money has partnered with fintech leaders Nivo to launch a new digital journey for customers and adviser introducers, utilising new technology to simplify and accelerate application processing and significantly reduce completion times. The new journey also reduces the use of email for communication and document transfer making the process quicker, easier and more secure.
The launch includes the new ‘Evolution Money App’, a customised white label version of Nivo’s 5* rated, bank-standard secure mobile app, which provides a range of elements including: a deeper fact find questionnaire/know your customer data collection; digital ID verification; Open Banking via account score which populates Evolution’s income and expenditure assessments; document collection and storage; e-signing of documents; an appointment booking system; and status updates and omni-channel communications.
During the trial implementation phase, Evolution Money were pleased to note that use of the app led to a significant increase in speed and efficiency within their entire operation. In the first full month, it reduced the time to fund from referral and pack back by over two days. Evolution Money expect this gain to double for both its digital and hotkey broker partners and enable it to increase its lending whilst maintaining a high level of customer service.
Nivo worked closely with Matt Meecham, Chief Digital Officer at Evolution Money, to help create a bespoke mobile app which uses multiple APIs to integrate with other third-party systems used in the customer journey. Nivo developed a new feature called ‘Custom Web Widgets’ to allow external web services to be integrated with the core Nivo app platform. This enabled Evolution Money to integrate services such as Account Score into one seamless, intuitive process.
By utilising the complete Evolution Money App, the lender has been able to change its contact strategy, deliver the automation of its income and affordability assessments, and integrate all elements into a bespoke CRM system to help streamline the advice process.
Evolution plans to continue developing the digital journey including a continuation of its ability to embed AI and machine learning into the process, to offer customers better products and make stronger-informed credit-risk decisions.
Matt Meecham, Chief Digital Officer at Evolution Money, said: “This transformation project began with a number of relatively minor, but significant changes, and once we had chosen Nivo to provide the core white label App, it quickly gathered momentum to help us integrate smarter technology into the mortgage application process. We chose Nivo because of its proven track record and because it is materially quicker and cheaper to implement than developing an in-house solution.
“We can now provide efficient, responsible lending decisions via a simplified process and through intelligent use of APIs and Nivo’s innovative ‘Custom Web Widgets’ we now utilise several leading digital solutions to streamline our online acquisition strategy.
“Our app has a customer focus, but advisers also benefit in terms of the efficiencies it adds to the process, the speed it delivers and our ability to secure smarter data collection. All parties also benefit from better and more secure communication, and a continued support and commitment structure from Evolution. We are committed to more fintech-based enhancements that will bring a considerable benefit to advisers and their second-charge clients.”
Matthew Elliott, CDO and Co-Founder of Nivo, said: “Our team have loved working with Evolution. Matt’s vision and ambition for a market leading user experience is so sharp, and we’re delighted to have played a role in bringing it to life. I’m proud that we’re recognised as having done this faster and more cost effectively than alternatives, and even more excited that we’re playing a role in getting Evolution to their ‘fastest ever funded deal’”