The Aryza Group has launched ‘Aryza Recover’ a new digital solution designed to automate the management of payment plans and collection strategies.
The company says that in a COVID-19 environment when businesses are managing customer payment breaks with limited resources, and consumers may be struggling and falling into arrears, Aryza Recover allows consumers to review their own financial situation on a mobile, tablet or desktop. This digital journey provides consumers and lenders with a quick way to explore affordability and vulnerability, and presents the best outcomes for everyone. This is confirmed to the consumer and recorded in a secure database that is supplied to the lender.
By collating information provided by the consumer and the lender, along with open banking data and credit reference information, Aryza Recover creates a unique view of a consumer’s financial position, they can easily 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.
The system calculates affordability and disposable income by running a range of strategies across multiple products – allowing different rules and outcomes to be applied to each one, before configuring the outcomes to align with the lender’s business objectives.
Once this process is complete, customers can access an overview of their finances and a summary of the actions they have chosen. This dashboard includes details of their repayment plan, opportunities to switch and save on bills, and a handy benefit checker designed to highlight the benefits on offer to increase disposable income.
Commenting on the launch of Aryza Recover, Andy Taylor, Chief Commercial Officer said “Following extensive research and development, engaging with both consumers and businesses, we’re excited to be launching Aryza Recover. No other product currently exists with this capability, and based on the feedback so far, we know it improves customer engagement rates and helps those struggling with their finances to better understand the options available to them.”
“As with all Aryza products, Aryza Recover can be configured to ensure it’s aligned with your business’s strategic approach and brand needs, including customised messaging, branding and tone of voice – it’s a complete ‘white label’ solution that is available out of the box to implement within 6 weeks.”
“We understand that customer engagement is key to a successful outcome, hence why we’ve designed a product as streamlined and simple as possible. Customers’ data can be pre-populated with available information from your systems, so all they have to do is confirm their identity via SMS or email. Once set up on the system, customers can either log in with a username and password, or the fingerprint or the facial recognition software on their phones. This really is a revolution in the way consumers engage with lenders.”