Applying for credit can be overwhelming, often difficult to understand and filled with frustration. Aiming to simplify the customer journey, Aryza partnered with Freedom Finance, a leading lending platform, to develop “myfreedom”, a one of a kind customer engagement solution.
Combining Aryza’s extensive knowledge of AI-informed decision making and experience of intuitive customer platforms, with Freedom Finance’s understanding of the credit application process, the two businesses developed myfreedom to help consumers better navigate the world of finance.
The Aryza developed solution uses multiple datasets to give people the clearest, most accurate and most complete view of their financial wellbeing available today.
Users of the completely free service can choose to follow simple recommendations to ensure they enhance their financial health and hit their financial goals. For example, engaging with an interactive financial coaching programme, getting personalised advice on problem debt or switching to a better mortgage, loan or credit card deal.
The platform is already helping hundreds of UK consumers secure access to credit and gain a clearer understanding of their finances, with over £1 million being lent in the first few weeks.
A number of different factors can prevent consumers from accessing credit. This could be anything from them being in the first few years of establishing their lives in the UK, or someone who has experienced a life changing event such a divorce or separation which has forced them to reevaluate their finances. Being off work for an extended period due to illness or having children can also impair a person’s credit data.
By bringing open banking technology to the top of a multi-product pre-qualification journey, the whole dynamic of applying for credit has changed and we’re excited to see the possibilities this brings for previously underserved customer segments.
Once logged in, the powerful system can generate a complete picture of an individual’s finances. It can provide useful insights into where money could be saved, additional benefits they may be entitled to, the most suitable loans or mortgages currently on the market and even how much they’d be eligible to borrow
Behind the seemingly simple interface, a number of complex factors are at work. With its ability to collate credit reports, open banking data, scoring models and lending scores into one easy to understand metric, it puts customers firmly back in control of their own finances. This simple process takes a matter of minutes to complete and provides a transparent explanation of the factors contributing towards the end score, providing lenders with a far more enriched credit application.