The Personal Finance Centre uses Nivo to grow lending volumes without growing FTE

The challenge

The Personal Finance Centre (TPFC) struggled with customer communication and engagement, along with delays in the speed to return all loan documentation. Email was previously the main method of communication used, but as we can all appreciate, Financial Services applications can be complex and TPFC were being asked many questions during the complicated process. During this period, they discovered Nivo.

A major pain point for TPFC customers is that we request different documentation at various stages of the process. Using Nivo has allowed TPFC to reduce the process by an average of 7 days to 4.3 days.

With reference to the Second Charge Mortgage Market, it’s currently booming. Given the current financial climate it doesn’t look like it’s a temporary increase, but there are challenges.

Lesley Laws, Chief Operating Officer for TPFC comments:

“We know that from our perspective, the Second Charge Market is coming back full circle, where people have got a mortgage and don’t particularly want to move unless there is a bigger property. But other than that, it's understanding the second charge as well as a mortgage rather than a debt attached to the home.”

The results

Prior to Nivo, TPFC had highlighted they lost applicants due to the journey (from the sale going out to the customer to the point of signing) being quite a laborious and lengthy process, especially if the process involved post.

Since implementing Nivo, the journey is much smoother and customer engagement, advocacy and sales are higher than ever.

Lesley added,

“We still have some customers that are not overly tech savvy on a phone, so we still deal with those in the old way. But, I’d say 95% of our deals are through Nivo and only 5% via post. This means our customers are able to buy much quicker. They don’t have to waste time searching for, printing and sending documentation. Everything can be completed through the app.”  

The Nivo solution

From an internal perspective, implementing new technology and systems is more often than not met with cynicism. TPFC have found the process with Nivo has been the opposite, not only is the service more enhanced than others we researched, the main positive is the people at Nivo.

It can be a complicated process but rather than leave it to employees to aimlessly try to figure it out, The Nivo Customer Success Team are on hand from day one and with regular catch-ups to ensure the service is fully optimised to achieve the best results.

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