The portal will be powered by Finova’s originations platform Apprivo and has been designed to streamline the switching process for existing mortgage borrowers who want a product transfer.
According to UK Finance, 1.6 million fixed rate mortgages are set to expire this year, and product transfers will still be a preference due to higher rates.
It has been developed to give borrowers control over the process by allowing them to observe their options and choose a product that fits their needs. Borrowers can also self-select a date to switch to the new product and pay any applicable outstanding fees.
The portal is functional on all digital devices.
It also offers secure access, data encryption and multi-factor authentication.
The portal can be customised to align with each lender’s branding and can be configured to fit the needs of lenders and their specific customer processes. It can also be integrated into existing servicing solutions.
Finova has built the platform to meet regulatory requirements, and it has been developed to be accessible to all users. It also has ‘positive friction points’ to help lenders comply with Consumer Duty and encourage borrowers to receive as much information on a possible mortgage switch as they can.
Refining the customer experience
Chris Little, chief revenue officer at Finova, said: “As the UK’s leading provider of mortgage and savings software, the Finova team is constantly exploring new avenues to refine and streamline our customer service. The launch of our new retention portal solidifies our ongoing commitment to helping lenders better serve their customers and meet their evolving needs.
“As part of our ongoing strategic direction, we have invested in a new user experience team, which is charged with ensuring that our customers can truly get the most from our product offering. With several new updates in the pipeline, we will keep working alongside lenders to ensure customers who want to switch can do so with ease and speed.”
Finova said the launch of the portal built on its existing proposition, which aimed to improve the overall customer and borrower experience.
