With a very manual and time-consuming onboarding process for their customers, Latitude Finance found a large number of their customers dropping off at the onboarding stage, as customers were required to verify their identity at the post shop once their finance was conditionally approved.
Latitude came to APLYiD looking to streamline this process to increase the number of customers moving through the onboarding process, while improving time-efficiencies and making onboarding an enjoyable experience for the Latitude team.
Latitude Finance took advantage of our off-the-shelf solution as a standalone format for their direct channel business. Using our software for AML purposes, Latitude is able to verify customer ID off the back of financial conditional approval, significantly reducing customer onboarding time. Latitude loved that they didn’t have to front up hundreds of thousands of dollars to build a solution like this, they could simply pick the solution up and implement it as a standalone process.
Latitude has also adapted new digital processes to streamline their customer experience, including the NZ Passport redirect process, allowing customers to verify the validity of their NZ passport online without having to physically go into a NZ Post branch. Although this was initially a quick work-around during the NZ lockdown; the digital verification process has worked so well, it is now a permanent fixture.
Since implementing the APLYiD solution, Latitude Finance has been able to remove friction from the customer onboarding process, resulting in 35% increase in customers onboarding. The Latitude team walks customers through the digital verification process, with no hassle following up to check if they have been to the post shop yet, reducing the customer onboarding time by 80%. The APLYiD solution means less reworking applications as everything is consolidated and digitised into one single source of truth.
Not only has the process had a positive impact on the customer's journey, but the team is also finding the process significantly easier and more efficient. A solution like this improves the team’s day to day processes - they definitely enjoy the addition of technology that shows them Latitude is trying to reduce friction and barriers so they can do the best job possible.
Better yet, Latitude Finance has built acceptance and trust throughout the team to begin adopting APLYiD across other pockets of the business.
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Midlands Mortgage Trust Latitude Finance