Embark enables creditors to capture a quick and accurate view of a customer’s affordability over the phone or via a customer self-serving.

Customers can provide their budget information manually or by accessing current account information via open banking. Credit Reference Agency (CRA) data is also captured to allow creditors to evaluate a customer’s borrowing and debt position.

Supporting partners

Using secure and scalable cloud-based technology, Paylink, which offers digital data solutions for the collections, lending and mortgage industries, has been supporting partners through a challenging environment.

It has helped partners fulfil regulatory requirements, reduce operational costs and improve customer experience – all underpinned by comprehensive agent training and continuous end user-led improvement.

Sue Rann, CEO of Paylink, commented: “Our range of partners has become more diverse, as creditors have accelerated their shift to digital support. We support monoline mortgage lenders, card and personal loan providers, tier 1 and 2 banks and building societies who have multiple brands and lending products.

“We have been working closely with each client on their requirements and our Embark tool has provided a customised solution to suit customer needs. 70% of partners have opted to configure Embark’s ability to use open banking and CRA data within customer applications.

“Customer adoption rates have exceeded client expectations and it’s helped them get a quick and accurate view of their customers’ circumstances and additional analytic insights.”

Free debt advice

The Embark tool has also improved creditors’ ability to identify customers who are in financial difficulty by looking at their overall debt position.

Once identified, these customers and their data can be seamlessly transferred for free debt advice from PayPlan.

This instant transfer of customer and data via API ensures the customer can receive instant holistic support without having to repeat the income and expenditure process.

Andrew Alder, head of partnerships at PayPlan, commented: “It’s been great working with Paylink and creditor partners in co-designing a frictionless journey from Embark to PayPlan so customers can receive free debt advice.

“The transition to our advice services with the data already captured in Embark has improved engagement with the advice process and reduced ‘income and expenditure fatigue’.

“We have seen from our NPS results that customers value this option and I look forward to working with future Paylink partners on their advice journeys going forward.”