Growing specialist property finance brokers Finvest completes successful pilot with Nivo to accelerate its application process

04 September 2023

Growing specialist property finance brokers Finvest has transformed its business and become virtually paperless following a successful pilot of Nivo’s innovative technology.

The London based brokers, founded by Tanvir Faisal, is celebrating its 5th anniversary this year and provides a range of specialist funding solutions including bridging, development, buy-to-let, commercial and complex residential mortgage finance.

When Finvest approached Nivo it was targeting significant customer growth through increased efficiencies as well as growing its team. Nivo has provided a streamlined end-to-end onboarding and application process utilising the many features offered through the five-star reviewed app enabling Finvest to meet its growth objectives.

New Finvest customers receive an automated text message providing a link to download the Nivo app. From then on, the process is quick and intuitive with the app’s features drastically reducing the time it takes to onboard a new client. Finvest have found most customers complete the process in around half an hour and estimate that more than 95% of cases are virtually paperless.

Finvest now manage their workflow on a single platform with staff using a desktop-based console which enables visibility of case progression and administration across the broker team ensuring a better experience for customers and staff. Additionally, Finvest customers are able to complete ID checks and e-signing on the Nivo app rather than having to see solicitors in person to verify their identity or use other third-party software solutions. Customers are also able to benefit from Open Banking, share documents such as bank statements and payslips with the broker simply and securely and smart message ‘bots’ built into the Nivo system can assist customers 24 hours a day.

The smart ‘Nivobots’ have been particularly effective in streamlining document collection, a task which was repetitive and time consuming for Finvest staff and part of the application process where Finvest were seeing the greatest time delays. The Nivobots deliver a great customer experience whilst accelerating the application process further, reducing the time Finvest staff spend on repetitive and time-consuming tasks that can have a considerable impact on case completion times and conversions.

Finvest identified that the time taken to collect relevant information from customers, especially if sent by post, was creating delays and an unnecessary administrative burden. They estimated that around 70% of their processing time was spent on chasing documents and responses. Nivo’s automatic ‘chaser’ feature has been seen to reduce waiting times for customer documents by half.

Tanvir Faisal, Founder and Director of Finvest, commented:

"Our business has grown substantially over the last year and the technology we employ is key to us developing our business whist providing an excellent service to our customers. Nivo were able to provide the solution we wanted very quickly and avoiding the expense of developing and maintaining an in-house system.

“Nivo’s app has accelerated, simplified and streamlined the customer journey and it has substantially reduced the amount of time our team spends on repetitive and time-consuming administrative tasks. Our customers love using the app and our staff benefit from the additional time they have to add value, drive conversions and complete more cases. Nivo has helped us to transform Finvest’s business and I am excited for the future.”

Damon Williams, Sales Director of Nivo, commented:

“Forward thinking professionals like Tanvir recognise that digitalising parts of their business can help their staff to work more efficiently, provide a better experience to customers and increase profitability. Their commitment to adopting innovative technology is driving change across the industry. The Nivo app is a quick and cost-effective way for brokers to reduce application timescales, improve their communication security and provide a smoother and safer journey for their customers. Time is critical in the specialist finance sector with speed of application having a direct impact on conversions. We can have Nivo up and running with brokers’ systems in as little as one to two weeks with the benefits of the Nivo solution being experienced by customers and staff almost immediately.

“Borrowers are becoming increasingly accustomed to slick mobile experiences, and they will expect to deal with brokers and lenders using well designed and intuitive apps. Nivo is an impressive and cost-effective solution which delivers a great experience for brokers, their staff and their customers.”

For more information go to: https://www.nivohub.com/
Finvest website: https://finvest.finance/