How they describe themselves: Nostrum provides technology to make lending cheaper, faster, and safer. Our technology is used by an increasing number of high profile lenders to make faster, more informed credit decisions, reducing their credit defaults and facilitating cheaper credit. High level of customer self service and automation reduce lender operating costs and interest rates whilst also providing exemplary customer service. Emerging regulatory requirements focus on transparency and treating customers fairly – these principles being embedded within our software. The software is provided on a fully managed SaaS basis through dual secure, high availability data centres.
How they describe their product/innovation: Nostrum’s mission is to provide a fully automated lending platform, enabling lending to be performed cheaper, faster and safer.
Whilst innovation in certain sectors of the lending industry have addressed the auto approval of applications and now provide loan funds rapidly, no business has adequately considered how delinquency management activity can be redesigned to ease the customer experience and reduce the risk of compliance failure. The functionality demonstrated will replace the traditional call centre operator who manages in and outbound calls to customers to discuss their delinquent payments and either takes a payment or puts an arrangement in place.
Product Distribution Strategy: Direct to Business (B2B)