Specialist short term lender Hope Capital has partnered with Nivo to implement its ID verification and messaging technology.
By doing so, Hope Capital aims to do away with face-to-face meetings for ID verification purposes.
However, it will retain video-calls with borrowers to ensure customers are talked through the loan terms, conditions and the borrower’s exit route.
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The app-based messaging service allows a borrower to securely verify their identity with Onfido’s biometric identity verification AI.
Additionally, it provides Hope Capital with necessary documentation pertinent to the loan by sharing photos from their smartphone.
Hope Capital uses automation in several initial information gathering and verification stages, with the goal of speeding up the underwriting process and enhancing customer experience, as well as preventing the spread of COVID-19.
Jonathan Sealey, CEO of Hope Capital, said: “Nivo’s technology is proving to be a great addition to our customer service as it enables underwriting due diligence checks to be done by the borrower wherever they are, at a time that suits them.
“Customers in 2020 expect this type of instant decision and smooth, frictionless experience.
“Within Nivo’s secure messaging, we can automate certain journey flows, drop in timesaving fintech features like biometric ID&V AI or speak to customers directly.
“This flexibility makes the experience much quicker and more straight forward.
“By using one of the best facial recognition software on the market, it enables the borrower to provide proof of ID and address whenever they like, meaning there’s no unnecessary delays.
“This negates the need for face-to-face meetings for verification purposes, and also makes it Covid-secure.”
Polly Taylor-Pullen, business development at Nivo, said: “Lenders like Hope Capital need a quicker, more flexible way to serve customers, without compromising security, and we are pleased to be providing them with this solution.
“By using Nivo, Hope Capital are able to offer a much smoother experience for their brokers and customers, strengthening these relationships, while protecting themselves from unnecessary risk.”