How Finova use SMS for Real-Time Lending Alerts & Secure Authentication
Background:
Finova is a leading provider of Lending and Savings origination and servicing platforms, trusted by 1000+ UK customers including banks, building societies and specialist lenders with an array of complex lending products with a combined book size of over £100bn AUM.
Understanding the issue:
Efficient onboarding of new customers and administration of their live accounts requires effective and timely communication at every stage of the process and SMS messaging is a key component.
"Cosmic SMS allows Finova’s system to send immediate notifications to customers and brokers as their cases move through the system, for example to advise when a mortgage issue has been offered or when a missing document is holding up the process. Not only does this keep everyone involved in the process fully up to date, but it helps prevent any unnecessary delays."
The solution:
As well as being able to send immediate automated notifications, Cosmic SMS is also used as part of Finova’s multi-factor authentication solution for online banking and mobile apps, adding an extra layer of security for Finova clients and their customers.
The Outcome:
UK financial institutions large and small rely on Finova technology to underpin their retail banking operations. Cosmic SMS helps streamline processing at all stages of the product lifecycle, helping to reduce call volumes, and provides robust security for customers.
