Earlier this year, Aryza, one of the UK’s leading suppliers of software solutions into the lending, insolvency, credit and debt recovery sectors partnered with Freedom Finance, a leading lending platform, to develop ‘myfreedom’ a one of a kind customer engagement solution.
Combining Aryza’s extensive knowledge of AI-informed decision making and experience of intuitive customer platforms, with Freedom Finance’s understanding of the credit application process, the two businesses developed myfreedom to help UK consumers better navigate the world of finance.
The Aryza developed solution uses multiple datasets to give people the clearest, most accurate and most complete view of their financial wellbeing available today. Users of the completely free service can choose to follow simple recommendations to ensure they enhance their financial health and hit their financial goals. For example, engaging with an interactive financial coaching programme, getting personalised advice on problem debt or switching to a better mortgage, loan or credit card deal.
The platform is already helping hundreds of UK consumers secure access to credit and gain a clearer understanding of their finances, with over £1 million being lent in the first few weeks.
Jake Ranson, chief customer officer at Freedom Finance commented on the achievement: “We set out to shake up the industry, concerned by the number of people unable to access reasonably priced credit. By combining Aryza’s extensive expertise with our vision, we were confident we could develop a world leading solution and we are pleased to have helped UK borrowers access a million pounds of credit in such a short space of time.
“A number of different factors can prevent consumers from accessing credit. This could be anything from them being in the first few years of establishing their lives in the UK, or someone who has experienced a life changing event such a divorce or separation which has forced them to reevaluate their finances. Being off work for an extended period due to illness or having children can also impair a person’s credit data.”
By bringing open banking technology to the top of a multi-product pre-qualification journey, the whole dynamic of applying for credit has changed and we’re excited to see the possibilities this brings for previously underserved customer segments being realised”.
Andy Taylor, chief commercial officer at the Aryza Group commented: “Applying for credit can be overwhelming, often difficult to understand and filled with frustration. We set out to leverage the huge opportunities provided by open banking and help Freedom Finance create a platform that allowed consumers to access good quality credit, from reputable and responsible lenders.
“Once logged in, the powerful system can generate a complete picture of an individual’s finances. It can provide useful insights into where money could be saved, additional benefits they may be entitled to, the most suitable loans or mortgages currently on the market and even how much they’d be eligible to borrow.”
Andy continued: “Behind the seemingly simple interface, a number of complex factors are at work. With its ability to collate credit reports, open banking data, scoring models and lending scores into one easy to understand metric, it puts customers firmly back in control of their own finances. This simple process takes a matter of minutes to complete and provides a transparent explanation of the factors contributing towards the end score, providing lenders with a far more enriched credit application.”