Barclays’ first fintech spin-out, Nivo, intends to revolutionise communication with service providers by raising £2 million. This innovative firm, founded by Matthew Elliott, aims to enhance customer experience, especially in financial services.
Nivo’s secure messaging platform offers a unique solution to inefficiencies in customer communication, providing bank-standard security. With this ambitious fundraising goal, Nivo seeks to broaden its impact and streamline digital interactions across industries.
Transforming Customer Communication
Nivo aims to innovate the way users communicate with service providers such as banks and insurance firms. Via its secure instant messaging platform, Nivo allows customers to complete financial transactions within minutes. This service eliminates the need for tedious forms and extended waiting periods traditionally associated with such processes.
Nivo’s platform operates with bank-level encryption and identity verification, assuring users of top-tier security. These features make it distinct from popular messaging services. Security remains a priority, particularly as the platform targets regulated industries where customer data protection is paramount.
The Problem with Traditional Processes
Currently, 80% of applicants for financial services products abandon their applications due to complex requirements. Typical procedures often involve multiple touchpoints including emails, phone calls, and in-person branch visits, proving cumbersome for potential clients.
Nivo addresses these challenges by offering a seamless mobile experience. Customers can now verify identities and consent to agreements with ease, transforming a three-week ordeal into a five-minute task. This evolution reflects a significant improvement in efficiency and customer satisfaction.
Achieving Market Reach
Nivo has already secured ten client contracts since its launch. Its services extend across various sectors such as financial services, professional services, and healthcare, where identity verification is critical.
The company’s ambition doesn’t stop there; it aims to increase its client base significantly, aspiring to bring 100 active brands on board by 2019. This strategy underlines Nivo’s commitment to expanding its influence within the customer service industry.
Building on Early Success
In its infancy, Nivo gained £400,000 in investments and recognition as one of Tech North’s Northern Stars. This early success has provided a solid foundation to springboard further growth.
The start-up emerged from the Barclays Techstars accelerator, a programme known for nurturing technological innovation. Such programmes are crucial for fintech companies, offering them a platform to refine their business models and scale effectively.
Exploring Future Opportunities
The customer service industry in the UK presents an expansive opportunity for Nivo. This sector is heavily reliant on traditional phone communication; however, Nivo’s platform presents a viable alternative.
Expansion into European markets and beyond represents a logical next step for Nivo. The scalability of its platform means it could meet demand across various jurisdictions, leveraging its secure messaging capabilities globally. Technological adaptability will be key.
Raising Capital for Growth
The current objective to raise £2 million will support Nivo’s sales, marketing, and product development initiatives. These funds are essential for scaling operations and capturing new market segments.
With a focus on building a robust developmental infrastructure, Nivo is poised to innovate further. This capital injection will facilitate the enhancement of its product offerings, ensuring they remain competitive and cutting-edge.
Industry Implications of Nivo’s Platform
Nivo’s technology brings forth significant implications for industries reliant on secure identity verification. By simplifying processes, it enhances overall customer engagement and loyalty.
The platform sets a precedent for how communication tools can be integrated into regulated industries. As it gains traction, Nivo’s approach could become a standard practice, influencing future developments in fintech solutions.
Nivo’s innovative approach to secure messaging signifies an evolution in how industries communicate and verify identities. By raising £2 million, it aims to expand its reach and influence, potentially redefining customer interaction standards across sectors. The company’s forward-thinking strategy positions it as a formidable player in the fintech landscape.