A UK’s cloud-based mortgage and savings software provider, Finova, has announced the launch of its new retention portal, the latest addition to the company’s suite of servicing products for lenders.
Fully powered by Finova’s SaaS banking originations platform Apprivo, the newly improved retention portal is designed to streamline the mortgage switch journey for existing customers approaching the end of their fixed-term deal and 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 outfitted with multiple features that are designed to ensure the customer has autonomy over their mortgage switch journey.
It is functional on all digital devices and enables customers to review their options and 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. The retention portal offers secure access, multiple layers of data encryption, multi-factor authentication, and regular security audits.
The portal is brandable, enabling lenders to customise the portal to match their styling and brand identity. Building on this, it is configurable to meet the specific needs of lenders and their customer journeys, and can be integrated alongside any existing servicing solution.
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.
Chris Little, Chief Revenue Officer at finova, commented:
“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.”
