La Nef, the first ethical and 100% transparent French financial institution,offers savings products to individuals and companies in the service of the social for the social and solidarity economy.
The public’s expectations in terms of investment have changed significantly. Many French people, young and old, wish to give meaning to their savings by directing them towards projects with an environmental, social or cultural purpose. They expect transparency and efficiency from their credit institution with simplified and guaranteed « paperless » underwriting processes for those who wish to do so.
A look back at the success story of La Nef
Established as a cooperative for more than 30 years, La Nef has a range of solidarity savings products for individuals that allow them to donate interest to an association or to direct funds to ethical projects. Similarly, the proposed consumer credit offer targets personal projects related to the energy transition. La Nef also assists professionals with their financing when the project concerned has a positive ecological, social and/or cultural dimension.
Since 2016 and the launch of its ethical savings account, the success of la Nef’s web platform – with an influx of 10,000 new customers in the fall of 2018 – has forced the Nave to go further in its
digital transformation. As a result, it launched a second phase of transformation in 2019 in collaboration with Netheos, which automated both the customer file entry process and the authentication of documents provided.
If an item is missing, the customer is made aware of this during the subscription process, and can resolve the problem immediately. We have achieved a completion rate of almost 70%, compared with less than 30% before. It really changed our daily lives.
The automation of a number of tasks and controls has significantly increased the productivity of La Nef’s employees, who process three times as many files per day as before. And subscribers, who sometimes only sent the first page of their tax notice or had to wait until the end of the application process to find out they couldn’t open an account for their grandchildren, are now alerted automatically and in real time.
While the manual creation of a single account used to take about 20 minutes, not counting data entry errors, the Netheos solution avoids any human intervention: accounts are created in just a few minutes and errors on the forms are greatly reduced.
Buoyed by the public’s enthusiasm for its products since the confinement, La Nef wants to become the reference player in the field of ethical finance in France. Among its many projects are the construction of a solidarity-based current account offer, a range of life insurance products for individuals and the extension of its payment and collection solutions for professionals.
We used to have forty subscriptions per calendar day,
thanks to Netheos we now reach between fifty and sixty
subscriptions per business day. The simplification of the route is undoubtedly one of the reasons for this take-off.
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