How message-based digitisation can improve broker and lender communication

The pandemic forced businesses to seek alternative communication methods when within 72 hours we shifted to remote working. Most thought it would be a temporary event, however, two years in, many industries have adopted tech as a standard for digital communication and workflow management. 

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The financial industry is notorious for its resistance to change, yet even they had to acknowledge and implement technology. During this time, advisors also revisited their sales process to reduce the number of manual steps or replace parts that require face-to-face interaction entirely. 

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More and more borrowers seeking the best financial opportunities engage a broker who reviews requirements and considers different lenders to ultimately find the most suitable loan for their needs.

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During the last two years, to manage customer services, some lending staff have been reassigned to other departments but it's now time for resources to be reallocated back to broker channels to speed up operations. 

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The current state of broker and lender communication 

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A study showed that 85% of brokers are frustrated by the lack of communication from lenders when it comes to deal progression. When questioned further brokers revealed that despite the pandemic forcing the move to  digital, the standard communication practice still revolves around email - a typically unsecure, unreliable, slow, and insufficient application- which causes delays, repetition, and missed process steps. 

Customer stability 

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Broker and lenders alike have a shared responsibility to connect with customers and ensure the financial process of applying for a mortgage, receiving a loan, applying for insurance, or investing is as seamless and coherent as it can be, particularly during this time of financial strain. 

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Using Nivo, brokers and lenders can converse in real-time, transfer documents, process deals, and access cutting-edge FinTech within one central, collaboration tool. 

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Core Nivo benefits 

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• Seamless and secure transfer of selected pieces of customer data from a broker to a lender with instant messaging between them to move deals forward faster
• Sharing key evidence at the touch of a button – including biometric ID checks, e-signed agreements, payslips, and bank statements gathered from customers through Nivo’s secure mobile app
• All information associated with a loan case is brought into one thread, organised, easily referenceable, and available to all agents in a single contextual channel

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“The three most important aspects of a broker and lender relationship are speed, quality, and security. However, communication between brokers and lenders causes the vast majority of delays, quality issues, and information security risks.

As a collaboration tool specifically for intermediated finance, our solution represents a long-overdue step-change in communication for the sector. The more lenders and brokers join Nivo the more value for the sectors we operate in” Michael Common, CEO at Nivo 

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Conclusion 

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It’s clear that more communication between lenders and brokers is key to facilitating the flow of credit safely in such a tumultuous financial landscape.

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Find out more about our technology, book a demo or sign up for our newsletter to remain updated on all things Nivo. 

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