Supporting consumers through financial recovery and restructuring

Supporting consumers through financial recovery and restructuring

Having recently announced the rebrand of the Debtsense suite of products, we have been working to develop a new range of solutions, to ensure consumers feel supported throughout the financial recovery and financial restructuring journey.

Here, Karen Emmett, head of consumer products at Aryza, examines the functionality of the different products within her portfolio and discusses how they’re already proving invaluable to customers.   

According to the Office for National Statistics, by December 2020, nearly 9 million people had to borrow more money because of the COVID-19 pandemic and the proportion borrowing over £1,000 also increased from 35 per cent to 45 per cent during the final half of the year.

Self-employed people were more likely to report reduced working hours and income, even if they had received support from the Self-Employment Income Support Scheme (SEISS). People aged under 30 years and those with household incomes under £10,000 were around 35 per cent and 60 per cent, respectively, more likely to be furloughed than the general population.

This highlights how large portions of the UK struggled financially last year – many for the first time. The same study found that household spending had been impacted across different groups, with parents less able to afford an unexpected but necessary expense than non-parents. Parents were also roughly 50 per cent more likely to have difficulty meeting their usual expenses.

We understand that few people feel comfortable discussing their finances, especially if they are struggling or in arrears. Knowing where to turn can be difficult and many feel overwhelmed by the sheer complexity of the process. At Aryza we wanted to develop user-friendly alternatives, designed to guide consumers and provide essential support.

Aryza Recover digitally guides consumers step by step through their money management journey, explaining their options in an easy to understand format, helping to improve their overall financial wellbeing. 

By utilising Open Banking data and smart software, the system connects customer accounts, cards, debts, and assets, identifying the most appropriate and helpful offers available, also ensuring that consumers and lenders can access all the information they need via a single system.

Once this data is collated, consumers can view the repayment options available to them, and depending on what the affordability check calculates, decide to continue with their existing journey or consider other options such as payment breaks or revised payment plans – eliminating lengthy telephone calls or in branch discussions.

Aryza Acquire has been designed with simplicity in mind, offering consumers an alternative to a webform clearly displaying income, outgoing and credit commitments, along with ongoing affordability and vulnerability.

The fully customisable software offers assisted journeys, meaning agents can interact remotely within the same interface as the consumer to edit plans, update details and more, making customer support easier and more effective.

Rules-based automated decisioning can ensure customers are presented with the most appropriate solution for their individual needs, no matter their financial circumstances.

Aryza Engage helps the end-user to save money on bills, and check for any extra benefits they are entitled to, a service that in such challenging financial times is hugely beneficial. Providing consumers with services beyond your core products and educating them towards a healthier financial path is a key aim for many.

For those that may be unsuitable for lending, Aryza Decline uses the application information combined with open banking data to provide non-lending options.

If you have your own FCA debt advice permissions, we can work with your business to build your own white-labelled version of the Decline product which can fit into your existing advisory processes.

Alternatively you can work with the existing Freedom Finance interface. They can use their debt advice permissions to take your declined clients and work them through their established process, generating quick results.

To find out more about these products please contact sales@aryza.com