Aryza worked with Experian to develop the collections solution for Avant Credit

Digital solution provides new ways for consumers to get financial help.

Aryza, one of the UK’s leading suppliers of software solutions into the insolvency, credit and debt recovery sectors, today announces the launch of Debtsense Collections. Developed in conjunction with Experian, Debtsense Collections is a digital tool that can be deployed quickly and cost effectively to help businesses deliver higher volume and better quality customer interactions.

Debtsense Collections is the first digital platform that puts consumers in control of their finances and helps them deal with arrears with immediate support and guidance to save money and build affordable repayment plans. It also includes the ‘Consumer Financial Health Check’ that simplifies the concept of a credit score, and provides simple tips for financial well-being.  

Debtsense Collections is also a powerful tool for businesses that are struggling with arrears on an existing customer base.   By combining Open Banking and Experian credit data with information provided by the consumer, it allows Financial Services companies to really understand an individual’s affordability status, and to automate and optimise contact strategies.

Colin Brown, CEO of Aryza commented:

“Digital Interactions and Collections are an immediate opportunity, especially with the current Coronavirus crisis. Many consumers do not want to talk to someone in a call centre, especially if they are in deep arrears. Debtsense Collections allows consumers to re-engage on their own terms in a fully digital experience. It analyses the data gathered and presents options to the consumer, from repayment plans, through to exploring debt management solutions”

One of the first businesses that has used Debtsense within a collections journey is Avant Credit. They are committed to supporting customers with arrears and wanted to give their customers a simple tool accessible on mobile devices to engage with them, especially important during the current Covid-19 crisis. 

Working with Aryza, Avant Credit have used Debtsense to re-engage with consumers.  This gives them a complete understanding of their financial health, establishing repayment plans, and to see the requirements to rehabilitate them to a better financial position.

Steve Plowman – Director at Avant Credit said:

“Our customers have welcomed the new Debtsense tool, as it helps them get an overview of their finances quickly and easily, and provides repayment options that are simple to understand.

“From an Avant Credit perspective, it helps us to offer the best possible service to our customers and ensures that we are acting responsibly  from a compliance and ethical perspective. We have seen a real improvement in engagement, interaction and collections from our customers using Debtsense”.

Aryza is working closely with Experian to continue developing Debtsense products.

Lisa Fretwell, Managing Director of Data Services at Experian, said:

“Few people are comfortable discussing their financial situation, so it’s understandable that those experiencing problems struggle with the finer details. We have worked with Aryza to make it easier for organisations to work with people in this situation, by using Open Banking so people can share their data digitally and securely. Organisations can combine this insight with bureau data to gain the best possible picture of a person’s financial situation and find the best route for them to repay.”