Nano
“We wanted to have one system of record for assessing applications, digital marketing, and service and Salesforce was the only one that seamlessly brought this all together.”
Nano partners with Salesforce to deliver financial fairness
Nano is an Australian fintech founded to create new and better financial services exemplified by simplicity, clarity, and trust. Andrew Walker, Nano’s Co-founder and CEO, shares that these qualities are often underdeveloped in financial services, leading to a poor customer experience.
“Customers don’t know what they don’t know and that leads to a lack of fairness. Our vision is to pivot the system to the customer and give them a fair deal,” said Walker.
Nano’s approach combines the latest advancements in data, digital, and design, and it has turned to Salesforce to help deliver a streamlined customer journey.
Flipping the mortgage industry on its head
Nano’s first product is a truly digital home loan that provides customers with approvals in minutes as compared to the weeks, or even months it can take with traditional lenders. Nano started with refinancing loans for its “priority access” customers and was able to approve $30m worth of loans, before publicly launching in June 2021.
“If you think about the mortgage process, it has not changed much in the last 20 years. You fill in a form, provide the supporting evidence, and this big pile of paper sits on a desk until the underwriter has time to review,” said Walker.
Nano has bought this process into the future by using technology to collect and verify data in real-time. For example, rather than asking customers to write down their expenses, Nano can connect to their banks to pull in their actual data.
The fintech has developed proprietary algorithms and statistical models that allow it to rapidly assess the information it collects. However, it needed a solution that would help it to manage that data and use it to personalise the customer experience. Nano chose Salesforce because it allowed the fintech to connect all its data and manage the customer journey through one secure platform.
“We wanted to have one system of record for assessing applications, marketing, and service and Salesforce was the only one that seamlessly brought this all together,” said Walker. “The relationship with Salesforce was also important; our interactions with the team were world-class and the pre-sales consulting they provided was massively valuable to us as a start-up.”
Creating a streamlined customer journey
Nano implemented Salesforce with the help of two partners. These included 8Squad who helped integrate Salesforce into the fintech’s lending processes and AFDigital who helped rollout Marketing Cloud. Within just six months, Nano was up and running with a state of the art platform to power their CRM, voice, lending, and marketing.
Chris Lumby, Co-founder and CXO of Nano, shared that the solution was tailored to its needs, enabling Nano to deliver on its vision for the customer journey.
“Salesforce has given us the flexibility to build the customer journey in the way that we want, and what we’ve created is a home loan experience that is truly different and truly digital,” said Lumby.
While some lenders offer digital applications, many require supporting documentation and applications are still reviewed by underwriters. In contrast, Nano has digitised the process from end-to-end.
Customers apply online and as they enter information, it is captured in Sales Cloud and can be verified instantly without the need for additional documentation. For example, rather than asking customers for payslips or additional details on expenses, Nano is able to connect to customers’ bank accounts and pull in these details automatically.
Nano has also used Heroku to build APIs and integrate with third-parties like Experian and CoreLogic. This allows it to quickly conduct credit checks and gather information like property valuations.
All of this automation combined with Nano’s proprietary technology has seen a loan approved in under 10 minutes without the need for an underwriter. Decisions are communicated to customers through a curated email journey sent by Marketing Cloud and Nano has an automated journey to smooth onboarding. This journey includes emails on approval and loan settlement and also an invite to download the Nano app.
The Nano app is powered by a Heroku-based backend API, and makes it easy for customers to manage their home loans. They can make and track their monthly repayments and seek help when they need it.
Nano uses Service Cloud and draws on its 360 degree view of the customer to offer personalised support. It also uses Service Cloud Voice in its call centre which allows it to automatically transcribe calls and include the notes in customer records.
“Customers expect you to know who they are and to remember the last conversation you had with them, so having that information helps us instantly build trust,” said Lumby.
Melissa Gruse, Chief Marketing Officer at Nano, added that the customer insights gained will also help the business to evolve and grow. “A 360 degree customer view is highly important for businesses today and what’s really exciting is that while some established businesses are still trying to achieve that, we’ve been able to launch with it. We’re able to have that holistic view of our customers' experience and behaviours to inform future growth decisions.”
More immediately, Nano is focused on demonstrating excellence within home loans and then taking its principles of data, digital, and design to other parts of the industry.
“We now want to take the simplicity, speed and fairness offered by our home loans and deliver that to customers through the other services that they need,” said Walker.
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