NEW YORK -

Lightico is continuing its efforts to use technology as the conduit for making financing easier for consumers to secure and use.

The previous Emerging 8 honoree announced the launch of its instant consent on terms and conditions solution, which is designed to replace the tedious and inaccurate reading of T&Cs with digital clickwrap.

Lightico explained the new solution is key to enabling businesses to fully digitize their entire user journeys quickly and in a compliant manner.

“Both agents and customers dread the wasted time on the phone listening to long terms and conditions. Not only is it a deal-killer, it is inefficient and can lead to costly compliance issues,” Lightico founder and chief executive officer Zviki Ben Ishay said in a news release.

“By integrating instant terms and conditions into their customer journey, businesses speed up their processes significantly, reduce call handle time, increase their completion rates and, most importantly, provide an excellent customer experience,” Ben Ishay continued.

Finance company agents and representatives can send the customer a text message, which opens a secure room containing mobile-friendly terms to approve. Customers can review and accept the terms and conditions on their cell phones with a single click — all in real-time without the need for the agent to read out lengthy scripts.

Lightico pointed out this tool can remove the risk of agent errors, simplifies auditing and improves customer experience by replacing agent scripts with instant, in-call legal acknowledgments of the terms and conditions from any mobile device using Lightico’s clickthrough agreements.

The fintech firm went on to mention that instant terms and conditions also offers the following advantages, including:

• Accelerates time to agreement

• Improves completion rates

• Simplifies compliance and reduces risk

• Improves efficiency by 20%

• Boosts revenue per call by 10%

• Improves NPS by 15%

Lightico indicated the solution is already in use by leading telcos, financial institutions and insurance providers in the United States, United Kingdom and Europe.

“Lightico’s technology has had an incredible impact on our operations, bottom line and customers,” said Matthew Way, head of operations & delivery at A1 Comms.

“By digitizing the terms and conditions part of customer interactions, not only are we staying fully compliant but precious time is saved and our agents can focus on providing great customer service and increasing sales,” Way continued in the news release that also mentioned a video about the tool available here.

The rollout of its instant consent on terms and conditions solution arrived after Lightico also mentioned its successful collaboration with RefiJet, an auto refinance company based in Denver.

Lightico and RefiJiet developed and refined a unique method of combining digital and human elements in their processes that not only can give customers an excellent experience, but also ensured high-performing contracts at a low cost-of-acquisition and a low default rate.

The firms shared some metrics resulting from their relationship, including

•  Applications up 35-40% since the pandemic began

•  Application to formal decision typically in minutes, 24 hours at most

•  Average time to funding of four days

•  100% of consumers are able to complete an application on their first call

•  NPS of 60.5 based on the fact that average financial services NPS is 34

•  97.7% recommended rate from consumers on LendingTree

•  Average default rate of 0.2%