finova unveils new digital-first, end-to-end savings platform to drive innovation with savings providers

finova, the UK's largest cloud-based mortgage and savings software provider, has today announced the launch of ‘finova Savings’, its latest digital-first, end-to-end savings solution.

finova Savings helps saving providers offer their customers a seamless digital experience, offering 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. It is quick to implement, with dedicated tools to support the migration of accounts from legacy solutions.

In addition, finova Savings can integrate with existing systems and scale with changing business priorities, ensuring providers can stay competitive in an ever-changing market.

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, ensuring quick and efficient customer onboarding. 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. It is also designed to be fully compliant and futureproofed, adhering closely to BCOBS and FSCS to ensure providers are in line with regulatory changes. 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.  

The announcement comes after the FCA revealed earlier this year that £250bn worth of retail savings are sitting in low-interest accounts, and that it would start naming and shaming savings providers offering the worst rates. finova Savings aims to arm providers with the tools they need to optimise, test and launch new savings products rapidly to market.

Further information on finova Savings can be found here.

Chris Little, Chief Revenue Officer at finova, commented:

“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.”