finova has launched a retention portal, the latest addition to its suite of servicing products for lenders.
Powered by finova’s SaaS banking originations platform Apprivo, the improved retention portal has been designed to streamline the mortgage switch journey for existing customers approaching the end of their fixed-term deal.
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 has multiple features to ensure the customer has autonomy over their mortgage switch journey.
It will be fully functional on all digital devices and enables customers to review their options and choose the most suitable product for their needs.
Customers will also have the ability to self-select a date to switch products and pay any outstanding fees when applicable.
In addition, the retention portal will offer secure access, layers of data encryption, multi-factor authentication, and regular security audits.
The portal will be 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.
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.”
