Traditionally if a consumer is declined for a loan they are left with limited options and forced to find their own alternative solution without the expert assistance of a lender. Building upon Aryza Engage as the underlying product, Freedom Finance worked with Aryza to develop myfreedom, to deliver tools and resources which help consumers boost their financial health whilst also allowing lenders to recycle credit searches & monetise their decline book.

In 2019, Freedom Finance approached Aryza to explore developing technology led solutions to help automate key elements of the consumer journey, without impacting on the positive customer experience they continued to provide.

As one of the UK’s leading lending platforms, Freedom Finance wanted Aryza to help them achieve three objectives:

  • Developing lifetime customer value from those customers applying for a loan through Freedom Finance. Previously, as a broker, Freedom Finance passed the leads over to the lenders with no further contact.
  • Reducing the acquisition costs. Any leads not resulting in a loan application were significantly increasing the cost per acquisition.
  • Providing an added-value service to customers, giving them mechanisms to improve their financial position, open additional lending avenues and provide non-lending solutions for those with limited options.

Aryza worked closely with Freedom Finance to develop two key solutions.

The existing product, Aryza Decline, formed the basis of the first solution, an automated platform to guide consumers after being declined for a loan. This solution uses application information and is based on Aryza’s existing relationships with insolvency and debt management businesses.

The second solution was developed on a dashboard within the existing Aryza Engage platform. This was built on relationships with third parties such as Uswitch and Entitled To, which were both already associated with Aryza.

myfreedom set out to leverage the opportunities that open banking provides, finding new ways to help consumers gain access to quality credit, while enabling fair and responsible lending. The platform also gives customers a mechanism to explore money saving through Uswitch, to check what benefits they may be entitled to, and to offer digital debt advice for those that are struggling.

An additional feature on this platform is ‘The Fusion Score’, a single holistic metric that interprets a customer’s eligibility by bringing together credit data and insights extracted from their consented transaction data. The customer receives a personalised score and a transparent explanation of all the factors driving it. This information provides lenders with an enriched application, enabling them to make offers to people which they previously could not access.

myfreedom allows consumers to apply for loans, mortgages, and credit cards quickly and simply, receiving a result in minutes. If declined, customers are shown alternative solutions within the platform, exploring money saving, debt management or insolvency options. A core benefit to the consumer is that the information they have gathered from open banking can be imported (with consent) to alternative solution providers to get a fast and accurate result 24 hours a day, 7 days a week.

In the age of extreme price comparison, myfreedom brings open banking technology to the top of the multi-product funnel for the first time. The solution gives all customers, but especially those in underserved segments, materially better odds of securing affordable credit or exploring non-lending and financial rehabilitation solutions.

Aryza boasts an extensive heritage in technology and a deep understanding of indebted consumers. By teaming up with Aryza, Freedom Finance eliminated the need to start from scratch, as the solutions were built on existing architecture and benefited from strong and stable partnerships – without having the additional overheads of in-house development.

To find out more, arrange a call today.