Nivo offers brokers free help to meet Consumer Duty deadline

With the Consumer Duty deadline fast approaching, fintech app Nivo is extending a helping hand to brokers and businesses that are needing to make changes.

With immediate effect, the company is offering firms free access to 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.

The FCA’s Consumer Duty represents a significant change in what it expects firms in retail financial markets to deliver to customers.

The new principle aims 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 July 2023 and many brokers and lenders will be aiming 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 dealing with non-standard issues and those with characteristics of a vulnerability, will not be tolerated.

The mobile app enables customers to engage with brokers and lenders 24/7; helping them to deliver all the information they need to progress their mortgage, second-charge and bridging loans or other financial product.

The system is built around verified identity messaging and it allows providers to shift from email, phone and paper processes, to an automated, digital journey — accelerating processing and freeing up staff time to concentrate on adding value and converting more business.

Some of the organisation’s fintech features include remote biometric identity verification, e-signing, secure document gathering and automated workflows.

Damon Williams, sales director at Nivo (pictured above), said: “Consumer Duty is at the top of many firms’ worry lists, but a digital and largely automated communication and workflow solution 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 the changes 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 going to be a quicker, cheaper and a more scalable solution.

“We expect that most firms which choose us will solve Consumer Duty worries, increase effectiveness and improve conversions too.”

Leave a comment