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Equipment Finance News Ultimate Finance invests in facial recognition technology to streamline customer engagement Published: 27th January 2020 Share UK funder Ultimate Finance has partnered with technology company Nivo to introduce a facial recognition system that makes it quicker and easier to apply for funding. The technology speeds up customer service using biometric ID verification. An applicant’s ID is verified using facial recognition to compare a photograph taken using a smartphone camera to a scanned passport, ID card or driving licence. The use of Nivo’s instant messaging platform also streamlines onboarding, while electronic file sharing reduces administration and cuts processing times from days to minutes compared to paper-based processes. Josh Levy (pictured), chief executive officer of Ultimate Finance, said: “Business needs are constantly evolving and so we continually invest in our processes to ensure clients have the seamless experience they expect. “Our partnership with Nivo will ensure just that. Biometric ID verification technology will streamline the verification process for new clients, saving them valuable time.” Ultimate Finance is also working with Nivo to explore additional digital solutions for its customer service processes this year. Matthew Elliott co-founder of Nivo, said: “It’s great to be partnering with Ultimate Finance to lead the way in this space. They see technology as a means to an end, looking beyond features, and keeping the focus on making things easier for customers and brokers. We’re excited about what 2020 holds as the partnership develops.” Ultimate Finance Group is backed by private investment firm Tavistock Group and has UK offices in Bristol, Manchester, Leeds, Lutterworth, Glasgow and Edinburgh. It currently supports more than 2,500 SMEs across a wide range of sectors and last year broke its annual lending record, providing funds of more than £1.6 billion to SMEs in the UK. Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance
