We've rolled out a new, more intelligent version of the Nuvo credit application. This article explains what's changed and what it means for you and your applicants.
What's happening
On Tuesday, July 7, your existing credit application flows migrated to Nuvo's new dynamic application.
Your credit applications migrated in place, meaning all of your existing requirements and steps remain intact. Your submission requirements don't change, and there's nothing you need to do for the migration of existing applications.
Want a preview of the migration? Click on the preview link at the top of your Nuvo dashboard.
Why we made this change
The new application is built to keep applications moving, so fewer of them get stuck or drop off. Applications are now more configurable and AI-native, adapting to your policy and customers.
The new application can be set to show your application requirements in a custom order, set dependent steps, and have a unique set of dynamic requirements. It's all enabled by the Onboarding Agent.
As a buyer fills out their application, the Onboarding Agent adapts the application in real time based on their answers and your policy, so applicants only see the sections and questions that are relevant to them.
For example, if your policy is to skip trade references for businesses less than a year old, the application can ask "Years in business" up front and then automatically hide the trade reference step for newer companies. The result is a shorter and more relevant application for each buyer, and cleaner submissions for your team.
What's improving for your applicants
No more getting blocked. If an applicant can't complete a required section all in one sitting, they can Save for Later and return later to finish it. While partially complete in-progress applications can now be saved, all required sections still need to be completed before the application can be submitted.
Send to a colleague. An applicant can hand off a specific section to a colleague to complete. The assigned colleague only sees the section assigned to them, not the entire application.
A review step before submitting. Applicants now get a review page to check their answers before signing your terms and conditions and submitting.
Unlocking more configurability
The new dynamic application experience introduces more flexible ways to set up your flows, which you can opt into separately after the migration:
Conditional steps (branching) that show or hide sections based on a buyer's answers and your policies.
Exceptions on any step, such as allowing a buyer to sign a personal guaranty instead of completing an instant bank reference.
Reordering and splitting sections, including interweaving your custom questions with Nuvo's default sections.
Removing sections that aren't needed for a given flow, useful for backfill or COD applications. Every application will always include the user and company steps.
When you’re ready to take advantage of the new options above, reach out to your Nuvo contact and we'll help you set them up.