Aryza developed the Debtsense family of products to harness the power of Open Banking and develop an accurate way for consumers to define their level of affordability.
Working with Experian, Aryza has developed a digital tool that can be deployed quickly and cost-effectively with minimal integration, to help businesses deliver higher volume and better-quality customer interactions.
The Coronavirus crisis presented an immediate opportunity for digital interactions and collections, with many consumers reluctant to talk to someone in a call centre, especially if they were in arrears.
Aryza Recover allows consumers to re-engage on their own terms in a fully digital experience, analysing the data gathered and presenting options to the consumer, from repayment plans, through to exploring debt management solutions.
One of the first businesses that has used Aryza Recover to re-engage with its consumers is Avant Credit. Offering customers a complete understanding of their financial health through a simple tool accessible on mobile devices, at a time that suits them, it became an essential solution providing much-needed support throughout the Covid-19 crisis.
The key benefit of the system is the ability for businesses to support consumers like never before, by giving customers greater control over their finances.
It’s a simple, safe and secure tool to improve a consumer’s relationship with money by providing a personal space where they can interact and access important financial information to improve their financial health.
The solution shows real innovation through working with consumers to give them access to lending, credit, debt management and financial rehabilitation tools all in a single, simple interface. Nothing else offers such breadth in a single application.
Avant Credit’s customers have welcomed Aryza Recover, with up to 23.8 per cent engaging through the digital interface and mass improvements in engagement, interaction and collections since using the software.
The product is currently being used by 15 other financial institutions to manage their ongoing relationships with customers, including clients that operate across the banking, lending, insolvency, debt collection and debt advice space.