How Loqbox uses Nomio’s contract repository
“In terms of reward to effort, the reward is so, so high”
Loqbox is a Bristol-based financial wellbeing fintech that helps people in the UK build a credit history and improve their financial resilience. Before Nomio, its contracts lived in Google Workspace folders and email inboxes, with no renewal diary, so the team was always reacting to renewals instead of getting ahead of them.
Here’s where Nomio helped:
“However good a search tool Google is, it was quite tricky to find stuff”
Contracts scattered across the business
“By the time I joined, contracts were organised in our Google Workspace folders, or they were in emails as attachments. Much like most startups and scale-ups, it was just something that happened, but nobody really stepped back and thought about the way that we wanted to organise it.”
When someone leaves, knowledge leaves
“You could keep your contracts as email attachments and folders, but if somebody leaves, I can get into their emails, but I have no idea what their foldering system was, or quite what they did with their contracts.”
“Fail to detect one auto renewal, and that’s your £15,000 gone just like that”
Reactive renewals weaken your hand
“Everything was a little bit reactive, in that partners would come to us to say that a contract was up for renewal. We had no renewal system, no diary system. When you’re immediately on the back foot, your negotiating power is, I think, weakened.”
Locked in for another year
“You can’t then get out for another 12 months. I’m afraid I’ve tried very hard to get certain quite well known names to back down on an auto renewal, and they won’t. Get burnt once, and that’s immediately paid for your subscription.”
“It was a huge relief to find a provider that wasn’t focused on contract negotiation”
Not solving for the lawyering stage
“We don’t have protracted negotiations with our contracts. That was not what I was trying to solve for. The pricing of those more legal tools was much, much greater, because they catered for the lawyering stage of the contract, as opposed to me signing it and then just wanting to file it somewhere in a retrievable, indexed way.”
Contract management is the core
“Nomio started with contract management, and that remains the core. As a result, the capability of the product is that much better, the pricing is that much better, and the support we get is incredible.”
“The reward is so, so high for something that is now so simple to do”
Nomio took the work away
“The initial load was fairly large, and it was very straightforward. Nomio’s team helped enormously through the early stages, and was at pains to take work away from us, in terms of labelling for example, trying to think of logic they could use.”
A searchable repository with a diary
“We ended up in pretty short order with a central repository containing all of our NDAs and contracts, which was searchable, it had expiry dates, and it produced a diary of expiries. We have weekly emails showing what’s coming up for renewal over the next 30, 60, 90 days. It’s been a really seamless process.”
Sign it and forget it
“I signed an agreement last week with a third party. It came back countersigned: documents@nomio.com, thank you very much. And I don’t see that document again until it appears on my actual Nomio site.”
“Your finance colleagues will love it, and your commercial team will love it”
As many users as you like
“You can have as many users as you like who have access. Our labels are business units, and business unit representatives can access the system, so everyone can see what we’ve got.”
Extremely useful for finance
“Our finance team absolutely love it. They’re able to reconcile invoices back to the original contract and sense-check amounts, frequency of invoicing, and any prepayments.”
Historic context for commercial teams
“If you have a new commercial team who don’t know what history we’ve had with certain vendors, they can see: ‘Goodness, we signed an NDA with these guys in 2019. I wonder if they’d mind me calling again.’ It just provides a little bit of historic context for some of the relationships that we’ve had in our business.”
“I couldn’t ask for better, to be honest”
Quick help from real people
“It’s felt extremely personal. Like any new client, we had questions and needed a little bit of help and guidance, which Nomio was extremely quick to provide.”
More than email responses
“They were very happy to jump on a call, and didn’t just rely on email responses. If they couldn’t make a call, they would shoot us a little video of the steps to take.”
“There is no one else on the market that offers this level of customisation with a repository”
“When we sign a contract, we upload it to Nomio and that’s it–nothing else to do”
“We first crash-landed with a CLM, versus Nomio, which solved our problem very neatly”
“It took me no longer than an hour to onboard with Nomio, and the accuracy has been 100%”
“The implementation was very easy, very quick, and very effortless”
