UK cloud-based mortgage and savings software provider, finova, has launched a new retention portal, 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
Powered by the finova SaaS banking originations platform Apprivo, the newly 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.
Around 1.6 million deals are due to end in 2024, highlighting the need for lenders to invest in faster retention strategies, according to data from UK Finance, the trade association for the UK banking and financial services sector.
The retention portal works on all digital devices and enables customers to review their options and conveniently choose the most suitable product for their needs. It also offers customers 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 to create a fully comprehensive and secure solution.
The portal is also fully brandable, enabling lenders to customise the portal to match their styling and brand identity. Building on this, it is fully configurable to meet the specific needs of lenders and their customer journeys, and can be integrated alongside any existing servicing solution.
Helping lenders better serve their customers
Chris Little, chief revenue officer at finova, explains: “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 designed the retention portal with regulatory requirements in mind and 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.
The launch of the retention portal builds on finova’s existing lender solutions’ aim to improve the overall customer and borrower experience, including its self-serve customer portal for mortgages and savings, and its mobile app offering.
