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Evolution Money partners with Nivo to create mobile app

  • 28/07/2022
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Second charge lender Evolution Money has partnered with fintech firm Nivo to create an app that will digitise the application journey for customers and adviser introducers.

The app, which is available on Android and Apple, will use technology to “simplify and accelerate application processing and significantly reduce completion times”.

Evolution Money said it would reduce the use of email for communication and document transfer.

The app is a customised white label version of Nivo’s existing app, and provides a fact find questionnaire and know your customer data collection, digital ID verification, Open Banking for income and expenditure, document collection and storage, e-signing of documents, appointment booking system, status updates and omni-channel communication.

The app uses several APIs to integrate with other third party systems. For instance, a new feature, Custom Web Widgets, allows external web services to be brought into the core Nivo app platform.

The lender said during its implementation phase there was a “significant increase” in speed and efficiency for their entire operation.

It said that in the first month, it cut the time to fund from referral and pack by over two days, and this is expected to double for digital and broker partners.

Evolution Money added that the app would allow it to grow its lending and maintain high customer service levels.

The app allow allows the lender to modify its contact strategy and automate income and affordability assessment.

Matt Meecham (pictured), chief digital officer at Evolution Money, said Nivo had a “proven track record” and using their white label app was “materially quicker and cheaper to implement than developing an in-house solution”.

He continued: “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.”

He said the app had a customer focus, but it benefitted advisers due to increased efficiency, speed and better data collection.

Meecham said it offered 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,” he said.

Matthew Elliott, chief development officer 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’.”

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