Automation and data driven based systems have brought huge benefits to the financial services industry for both creditors and consumers alike over the last few years but within the insolvency sector such technology has yet to be fully harnessed.
Insolvency is a niche and specialist sector requiring sector specific training to effectively oversee the consumers chosen solution. However, with the number of individuals and businesses in financial difficulty rising and changes in working practices due to Covid 19, insolvency firms are having to devote increased time and resources to administration activities in conjunction with case management.
Whilst company insolvencies have reduced over the last 12 months (down from 40.5 per 10,000 active companies to 25.3 per 10,000 active companies as of 31st March 2021) this has largely been driven by the temporary government support measures resulting from Covid 19.
With volumes expected to increase to above pre pandemic levels over the next 12-18 months there is an opportunity to utilise technology to deliver automation and support growth.
We’re firm believers in using technology to drive better outcomes and our systems have a proven track record of doing just that. Aryza Connect Hub, our engagement portal between IP’s and creditors launched 12 months ago and since inception has driven 97% of creditors to engage electronically, providing a seamless flow of information between the IP and creditor across documentation, proof of debt and voting.
A gap remains however within corporate insolvency for a technology led solution to creditor engagement, something we’re passionate about solving. We believe that by making engagement easy, creditor’s appetite to engage increases, improving the process for all.
Administration shouldn’t be a hassle, it should be seamless, automated, and driven by the system – allowing firm resources to focus on customer care and adding value.
The world’s gone digital – it’s time corporate insolvency joined the club.
We’d like to hear from you!
Please click the button below to take our short survey on corporate insolvency and let us know what you’d like to see from an engagement portal.