"Our app has a customer focus, but advisers also benefit in terms of the efficiencies it adds to the process, the speed it delivers and our ability to secure smarter data collection"
The new launch includes the Evolution Money app which provides a range of elements including: a deeper fact find questionnaire/know your customer data collection; digital ID verification; Open Banking via account score which populates Evolution’s income and expenditure assessments; document collection and storage; e-signing of documents; an appointment booking system; and status updates and omni-channel communications.
By utilising the app, Evolution has been able to change its contact strategy, deliver the automation of its income and affordability assessments, and integrate all elements into a bespoke CRM system to help streamline the advice process.
Evolution says that, in its trial implementation stage, this led to a significant reduction in funding times and efficiency gains within the entire operation.
In the first full month, it reduced the time to fund from referral and pack back by over two days, with the expectation this will double to over four days for both its digital and hotkey broker partners. Evolution anticipates this will allow it to lend significantly more during any given month.
Evolution said it had ongoing plans to continue to develop the digital journey including a continuation of its ability to embed AI and machine learning into the process, to offer customers better products and making stronger-informed credit-risk decisions.
Matt Meecham, chief digital officer at Evolution Money, commented: “This transformation project began with a number of relatively minor, but significant changes, and quickly gathered momentum to help us integrate smarter technology into the mortgage application process.
“By doing this we could provide efficient, responsible lending decisions by simplifying the entire process and – through the clever use of tools – we could utilise technological advancements to streamline our online digital acquisition strategy.
“Our app has a customer focus, but advisers also benefit in terms of the efficiencies it adds to the process, the speed it delivers and our ability to secure smarter data collection. All parties also benefit from better communication, and a continued support and commitment structure from Evolution.
“This is an exciting moment for Evolution as we launch this digital journey fully into the market, and we are committed to more fintech-based enhancements that will bring a considerable benefit to both advisers and their second-charge clients.”