Throughout the pandemic, Credit Unions have been providing vital support to their members. With millions of workers still enrolled in the furlough scheme, freelancers and the self-employed are also facing financial difficulty with many industries disrupted.
Sercle, the Credit Union arm of Omnio Group has recently announced its partnership with Nivo to integrate its services with Omnio’s market leading platform. The new partnership is enabling every Sercle Credit Union to offer market-leading mobile experiences with full access to Nivo’s secure messaging and onboarding technology – helping vulnerable people and low income families access loans. The new partnership is also speeding up loan approvals, and making it simpler and safer for people to access services.
Nivo’s mobile messaging has already achieved exceptional results with existing Credit Union clients, enabling them to serve more members, faster, with less manual effort. Recent results announced showed a doubling of member onboarding and same day loans, as well as 2,000 five-star app reviews from member end-users online.
Through the partnership, Sercle is leveraging Nivo’s technology and making it more accessible and valuable through investments and integrating Nivo with the core Sercle platform. Combining the two technologies will allow for 24/7 automated services such as balance enquiries, withdrawal requests, and applications. The integrated solution will include a Sercle branded mobile app and the choice for credit unions to have their own branded apps.
For Credit Unions using the new service, reliance on paper, phone, e-mail, and post will become obsolete. Multi-channel processes will be replaced by flexible and personalised messaging communication as well as automated journeys powered with the same FinTech features used by challenger banks like Revolut and Monzo.
The technology also addresses the pressing need for credit unions to shift away from sharing personal information over email and helps to keep members safe from fraud in the face of rising cybercrime, which is reported to have shot up by 400% since the start of the pandemic.
This is the first time that over 130 Credit Unions and their members will be able to access secure instant messaging, biometric identity verification, E-signing, secure document sharing and data gathering forms, fully integrated with a single core platform.
Sheenagh Young, Chief Executive at South Manchester said, “Our community credit union has now been using Nivo for almost three years and it has had a deep and lasting impact on the quality of service we offer. It’s easy for members to get started and provides a safe and simple way to exchange information regarding loan applications and account enquiries. We regularly receive positive feedback on the quality of our technology from our 4,500 members and we know Nivo has a lot to do with it. Our Google reviews often refer to appreciation of Nivo.
“We are excited that our two key technology tools will be integrated. For members it will mean that they will be able to perform simple requests like balance enquiries or a savings withdrawal using self-service. For our team, it will save us time so that we will be able to focus on coaching members in growing financial confidence to improve their wellbeing.”
Speaking about the partnership announcement this week, Lindsay Ward, Executive Director of Sercle said, “After an impressive 2020, this deal represents one of the most important partnerships for the Credit Union sector yet. We have always listened to our clients and Nivo kept being brought to our attention. We wanted to form this partnership because Nivo stood out as a trusted and progressive force for good in the Credit Union sector, and also because of the principled position they have taken in an area that has historically been under-served by technology. Proving that, with aspiration and the right technology, you can grow your loan book, increase your membership, and you can provide secure, informed, instant decisions. The Sercle/Nivo partnership is something we are very proud of.
“Sercle are offering this service to every one of our platform partners. It will give each credit union the ability not only to subscribe to this service, but also to become part of a very powerful community network, growing and promoting responsible lending to everyone. In this way, more and more Credit Unions will be able to help some of the most vulnerable in society: those who have been left behind by the digital banking revolution and those who need it the most,” said Ward.
Following the impact of the pandemic, people have been unable in certain circumstances to access financial support, leaving families and young people at risk of being unable to finance studies and costs of living. Providing a vital lifeline and core services to its members, Credit Unions will now be able to leverage the new partnership to bring additional capabilities to its users.