Designed for loan management and customer management, financial support, and debt counselling, Aryza consumer products, provide banks, lenders and utilities with a tool that enables them to support their end customers. Head of Consumer Product Karen Emmett explains the advantages of the toolset.

Karen, can you describe the core functions of Aryza Consumer Products?
Karen Emmett: Aryza has designed a suite of products; Acquire is for account applications and onboarding, Engageprovides a simple mechanism for customers to explore budgeting and cost saving options, whilst checking their affordability and vulnerability. Recover is used for automating collections and for payment plan management.  

How exactly does the tool help businesses and their customers to manage their accounts?
Karen Emmett: the idea is to give consumers a clear understanding of their income, expenses and loan obligations so that they have a transparent overview of their ability to pay at all times.  Businesses benefit from the information generated through financial health indicators such as affordability and vulnerability assessment and a benefit checker. Despite the large amount of data being processed, Aryza products are easy and intuitive to use, and built with the consumer in mind.  They are a powerful tool for the automation of critical operational decisions, and provide detailed reporting and management information.

Where does this data come from?
Karen Emmett: the data is fed into our software via a number of sources.  The Aryza tools use open banking data, credit bureau information and numerous other proprietary data sources to deliver a fully rounded picture of an individual’s financial situation.  There is also an option for the consumer to provide the data manually if they would prefer.

What information do insights from open banking provide?
Karen Emmett: the Aryza products interpret a customer’s creditworthiness and affordability by combining credit data and insights from open banking transaction data.  This can provide an insight into spending and suggest areas where the consumer can make quick savings or can be used as regular health-check to review the consumer’s suitability for products that they already have.

What can I expect from the benefit checker? 
Karen Emmett: The benefit checker provides users with information on whether they are entitled to state support.  This could be tax, household, or child benefits, for example. After registering, Engage users are guided through a questionnaire to find out which benefits they are entitled to.

Aryza provides software for customers to ‘white-label’ as their own brand – how does that work? 
Karen Emmett: We offer our software to our customers which in turn make the service available to their end customers – as a white labelled solution.  Our customers define the branding, content, and operational flow of the systems to suit their business requirements. The implementation of the software takes about 5-6 weeks and is run in the cloud.  It has been designed to minimize the involvement of in-house IT resources. We also ensure a seamless transfer into the client’s CRM during the implementation. The financial services provider Freedom Finance, for example, has Engagein use under the name myfreedom. 

How many end users are currently using Engage?
Karen Emmett: There are currently hundreds of thousands of registered users that are benefitting from Engage – interestingly the typical end user is between 30 and 40 years old.

Is the solution only available in the UK?
Karen Emmett: Aryza consumer solutions are currently available in the UK, Ireland and France, and we are expanding into Australia, Canada and DACH market as well as in the Netherlands and Belgium. We are currently working on localising the software for the respective markets.