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Nivo offers brokers free use of app to help meet Consumer Duty demands

  • 28/03/2023
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Nivo offers brokers free use of app to help meet Consumer Duty demands
Messaging network Nivo is offering brokers and other businesses its app for free to address some of the technological and communication challenges around Consumer Duty.

The platform offers secure instant messaging, facial ID recognition and instant document scanning. It will allow up to five users per firm to use the network for free as well as 50 ID verification checks. 

Customers are able to contact brokers and lenders through the app.

Nivo said the Consumer Duty, which comes into force on 31 July, will change how firms engage with customers. It said the principle will require firms to “to act to deliver good outcomes for retail customers” meant giving clients a higher standard of care to help them make good decisions. 

Nivo said this included the quality of post-sale support, which should aim to be as good as pre-sale support, and effective communication regardless of the channel used. 

As part of the Consumer Duty, the Financial Conduct Authority has said consistently poor or slow channels of support which did not consider all customers including those with vulnerabilities, will not be accepted. 

Nivo said the speed, ease and quality of its app could help a business to exceed expectations. 

Damon Williams (pictured), sales director of Nivo, said: “Consumer Duty is at the top of many firms’ worry lists but a digital and largely automated communication and workflow solution such as Nivo 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 and lender communications.  

“Brokers now have around 125 days to get prepared for Consumer Duty 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 very likely going to be a quicker, cheaper and a more scalable solution.” 

He added: “We expect that most firms which choose Nivo will not only solve their Consumer Duty worries, they will increase their effectiveness and improve conversions too.” 

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