Finova has launched its new retention portal for lenders.
Powered by finova’s SaaS banking originations platform Apprivo, the improved retention portal is designed to streamline the mortgage switch journey for existing customers who are approaching the end of their fixed-term deal and are now considering a product switch. According to data from UK Finance, around 1.6 million deals are due to end in 2024, highlighting the need for lenders to invest in faster retention strategies.
The retention portal is fully functional on all digital devices and enables customers to review their options and conveniently choose the most suitable product for their needs. Customers also have the ability to self-select a convenient date to switch products and pay any outstanding fees when applicable.
In addition, the retention portal offers secure access, multiple layers of data encryption, multi-factor authentication, and regular security audits.
The portal is fully brandable, enabling lenders to customise the portal to match their styling and brand identity.
Finova has designed the retention portal with regulatory requirements in mind and it is built to Level AA of the Web Content Accessibility Guidelines (WCAG AA), making it accessible for all users. It also includes ‘positive friction points’ to aid lenders in complying with the Consumer Duty. As a result, consumers are encouraged to gather as much information on a prospective mortgage switch as possible, leading to more measured and informed decision-making.
Chris Little (pictured), 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.”
