NestEgg is for lenders who want to lend responsibly to people who deserve a break.
To people who are probably a good bet but who for whatever reason find it difficult to borrow from mainstream lenders at an affordable rate.
Fairer access to credit
The consumer credit industry is opaque, inefficient and no longer fit for purpose.
Lenders turn down credit applicants all the time. Sometimes it’s the right thing to do. But often the lender is missing a trick. And an opportunity to help a borrower in need.
To make matters worse, the lender rarely explains the reasons for a decline to the applicant. Is it any wonder a borrower doesn’t know how to improve their chances next time?
Meanwhile, the applicant must go without, or be forced to pay an exorbitant interest rate to a high cost lender. They are pushed deeper into debt. None the wiser, the cycle repeats itself.
Make better decisions
Are your debt rates too high? Struggling to get the right mix of borrowers? Spending too much time paper-shuffling? Our Decision Engine automates ‘accept’, ‘decline’ & ‘refer’ recommendations. Customise best-practise policy rules for more accurate loan, identity and affordability decisions. Hook-up to your own website & your back-office of choice.
Turn website visitors into loan applicants
In a world of Amazon, Netflix and Uber, how many of your applicants are giving up in frustration? Hook-up our online application Workflow with your existing website to make it easy for applicants to qualify themselves for membership and apply for loans. Track where they come from & seamlessly integrate with the Decision Engine.
Get more applications
A frictionless application and decision-making process is a great start because at least you’re no longer dropping the ball for people who already know about you and want to apply anyway. But what about all those people who don’t yet know who you are and what you have to offer? We help set you up with the tools & proven techniques you need to generate more people who want to apply.
Turn declines into accepts
Why throw away 'declines'? Especially marginal declines... instead, why not send declined applicants to the NestEgg app?
The NestEgg app puts the applicant in control of their own financial health based on their unique spending, borrowing and saving patterns. While they get to decide what to share and with whom, we introduce them to their friendly local responsible lender.
The app uses simple nudges to get a user to take the steps they need to improve their financial health. Data from a wide range of sources provide a comprehensive picture of each person's unique circumstances in the form of three financial health indicators.
Borrow, Spend and Save financial health indicators are based on a unique combination of traditional credit profiles, income and expenditure via Open Banking and savings data from credit unions and other savings vehicles.
When they're ready, the applicant can apply for a loan with a few taps in the app. This time, both they and you can be confident of a much higher accept rate.
A virtuous cycle...
A successful loan application is just the beginning. Our app makes it simple to budget, so applicants can kick start a savings habit. Over time, app users pay back their loans, build an emergency fund and eventually grow a nest egg with savings with your credit union. This in turn helps fund more loans for existing and new members alike.
Mission accomplished for both you, the lender ... and your members.
If you’re a lender, in money advice, community finance, social justice campaigning, or just plain interested then we’d like to talk with you. Contact us here
Adrian Davies is a co-founder at NestEgg. He is an alternative finance expert with extensive experience of start-ups, business development, IT, Target Operating Models and regulatory compliance. Adrian has almost two decades of experience in the credit union sector, supporting the businesses with innovative ideas so they can grow and meet member needs.
Ben Breen is a co-founder at NestEgg. He's delivered numerous business-transforming technology solutions at start-ups to Fortune 100s since 1985, including at JP Morgan, Barclays, Bank of America, Xerox, Nortel, Reuters, UBS. Since 2011, Ben has specialised in growth marketing at startups and growth-minded companies. Tai chi and leaf tea keep him going.