finova rolls out new digital, end-to-end savings platform

By Gloria Methri

finova, one of the UK’s largest cloud-based mortgage and savings software providers, has launched a digital-first, end-to-end savings solution called ‘finova Savings’.

The solution helps saving providers offer their customers a modern and fully operational platform capable of serving both retail and commercial customers with a range of savings products, from online access accounts, cash ISAs, children’s savings accounts, and more.

Features of the platform include a fully brandable online customer portal and a mobile app, allowing customers to self-serve their savings journey from the initial application and beyond. Customers also have the choice to apply via the web, mobile app, branch, or by phone.

finova Savings is designed to serve both savings providers who are new to the savings market and existing providers who wish to migrate from legacy systems.

The platform is designed to save time, leveraging the power of Apprivo2 to streamline the origination journey with automated straight-through processing. The platform allows customers to complete essential KYC checks with biometric verification and features built-in AML, PEPS, and sanction checks. Customers can also add funds through Open Banking to create an account in minutes.

The savings platform comes complete with an advanced servicing capability, CRM, and general ledger, managing all customer correspondence. Once their account is set up, customers can use the finova Savings mobile banking app on the go to check balances, transfer funds and set savings goals anytime, anywhere.

Chris Little, Chief Revenue Officer at finova said, “Customers like seamless tech experiences, whether that’s making a contactless payment at the supermarket or tracking their physical well-being on a fitness tracker. It is therefore natural that they would expect the same from their online banking experiences and finova Savings is designed to do just that.

“The solution fits neatly into a lender’s existing systems allowing them to be operational in four months. In essence, the platform is designed to make the lives of customers easier, so they can manage their balance and reach savings goals, all while reducing operational costs for the savings provider. We are excited to develop the solution further and look forward to seeing it make an impact on the market.”