Apprivo²: The ultimate cloud-native Core Banking Platform

Chris Little
July 2, 2024
August 15, 2022

From energy price rises, to supply chain disruption, to surging inflation levels and continuous interest rate rises, there is no doubt the UK economy is navigating a challenging period. Many factors are contributing to a national crisis as household finances are squeezed while the cost-of-living soars.  

Despite this, and as it has proved time and time again, the housing market remains resilient. The Bank of England reports that total gross mortgage lending in May hit its highest level in 2022 so far, and ongoing demand for property continues to drive up house prices. In this highly challenging and competitive market, lenders must adapt to stay relevant - and having access to the newest technologies to set products apart and provide the best level of service to their customers is key.

Modular by design

To provide the necessary levels of service, lenders need a dynamic solution. One such solution is finova’s Core Banking Platform - Apprivo². Apprivo² is a one-of-a-kind product with fundamental principles of automated, agile underwriting. Apprivo²’s architecture, built in Microsoft Azure, offers a true end-to-end solution for lending and savings journeys, available out of the box with the ability to be rapidly scaled.  

The system is modular by design giving lenders greater control and flexibility to adopt modules relevant to their commercial needs. Administrative tasks required to write new business are displayed on a user-friendly dashboard inspired by the Kanban framework and Agile methodology. This ensures the right tasks are completed, in the right order, and at the right time. It also helps improve operational efficiency and makes sure nothing is missed, driving customer engagement and streamlining the process for all stakeholders.  

A was specifically designed to simplify underwriting. The technology integrates underwriting, case management and funding teams for an agile process which simplifies decision making and enables faster reactions to case changes: ultimately facilitating faster completions. One user, the State Bank of India, harnessed the Apprivo² Underwriting Engine to cut its application-to-offer time by over 100%, with a second user Gatehouse Bank increasing broker efficiency by 50% and adding operational gains at underwriting by over 50%.

Apprivo²is fully customisable, meaning different modules can be added as needed. As a result, businesses and lenders of all sizes can self-service change by entering the solution’s configurations and redefine lending policy, change the workflow, or go into the forms engine themselves. To ensure all users have seamless and efficient access to the tools they need, additional services can also be integrated via finova’s API ecosystem, including a conveyancing, valuations and payment processing.

Looking ahead

Another major challenge lenders continue to face is the competition for business. Currently 75% of all lending goes to the top 10 biggest providers, making it vital for smaller lenders to be able to build meaningful links with brokers in order to access new customers. Apprivo² facilitates this, providing the tools to better manager broker relations by streamlining onboarding, automating contact points and tracking communication for greater accountability and compliance.

Apprivo² also provides users with tools to be a step ahead and focus on the next big thing, Decisioning Technology. It combines flexible products and pricing, Credit Reference Agency (CRA) service test scorecards, Open Banking integrations, and Know Your Customer (KYC) and Anti-Money Laundering (AML) compliant checks to enable lenders to make smart decisions, tailored to individual customers. This personalised pricing enables the bank to better manage risk and reduce the chance of customers defaulting. Using innovative technologies like this helps banks property serve customers and meet regulatory requirements. This is especially relevant as, while meeting regulatory requirements is always of the utmost importance to anyone working in financial services, it is of particular focus currently as the regulator introduces its new Consumer Duty requirements.  

From the beginning of the mortgage application, all the way through to completion, Apprivo² helps lenders deliver a more streamlined, efficient service which meets the evolving requirements of customers at pace. Whether you’re looking to improve your day-to-day tasks, automate processes or increase customer retention – Apprivo² has the tools for you, all delivered in a straight-forward, agile system.

Chris Little is Commerical Director at finova, looking after the business’ corporate strategy for lending and banking solutions