Cloud-based mortgage and savings software provider, finova, has announced a new product switch functionality within its cloud-first origination platform.

The firm’s platform, Apprivo2, supports lenders with digital customer onboarding and facilitates complex affordability modelling for lenders. As a configurable SaaS banking originations platform, it is designed for lenders operating a multi-sales channel model.

finova said the new retention offering is designed to facilitate the complete product switch journey. The solution benefits from giving the control to the existing borrower to switch their product effortlessly and securely, allowing customers complete control of when they process their change of product.

Product manager at finova, Andrew Mckenzie, said that retention is “a key focus” for many lenders this year due to increasing economic pressures and rising rates taking their toll on the entire mortgage market.

“As many as 1.8 million fixed rate mortgages are scheduled to end in 2023, presenting a real opportunity for lenders to bolster their bottom lines,” Mckenzie said.

“Our new retention offering should help plug this gap, and is designed to facilitate the complete product switch journey to help lenders run more seamless operations all while retaining client attention.

“On top of this, we’re excited to see Apprivo2 evolve into this new function area as we continue to help mortgage lenders overcome many of the challenges our sector faces today. Providing our clients an offering that not only benefits their customers but retains them with limited operational costs is a win-win.”

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