Aryza Empowers JN Bank UK’s Entry into the Retail Lending Market
JN Bank UK has successfully entered the retail lending market with the support of Aryza Originate and Aryza Collect. With a fast, seamless implementation, the bank accelerated loan processing, improved compliance, and created a smoother customer journey. See how Aryza helped drive their success.
JN Bank UK
JN Bank UK, a subsidiary of Jamaica’s premier member-owned financial institution, JN Bank, ventured into the UK market in 2019 with a commitment to provide innovative financial solutions to their customers.
With a rich 150-year legacy as part of the former majority group owner, The Jamaica National Group, JN Bank UK remains steadfast in its commitment to stability, innovation, and exceptional customer service. Alongside its new majority shareholder, SOMU, and the appointment of Chris Waring as the new Chief Executive Officer, the bank accelerates its growth strategy with a clear vision for the future of UK banking. With a commitment to serving their customers’ needs, JN Bank UK made a strategic decision to diversify its lending portfolio into retail lending and enter the agent-driven retail sales credit market.
Challenges Faced by JN Bank UK
As JN Bank UK looked to expand its offerings, it encountered several challenges. They required a robust and proven platform that was agile and quick to implement to meet the growing needs of the business. In addition, the platform was required to seamlessly integrate with their core banking platform, allowing JN Bank UK to adapt their lending processes, and ensure regulatory compliance.
In addition, JN Bank UK sought innovation in their lending processes to enhance efficiency and customer experience. This included a requirement for best-in-class user experience for submitting applications, real-time decisioning using the latest bureau technology, and straight-through decisioning as well as immediate digital contract signing.
JN Bank UK selected Aryza for their proven track record and expertise in delivering effective software solutions and their unrivalled time to deployment. Aryza’s Originate platform stood out for its reliability, agility, and ability to streamline lending processes. Moreover, Aryza’s quick deployment capabilities, experience, market knowledge, and commitment to regulatory compliance made it the ideal partner for JN Bank UK’s expansion goals.
The key drivers for selecting Aryza Originate as a strategic platform:
- IT offerings and Implementation: Aryza’s reputation for excellence in IT and seamless implementation processes assured JN Bank UK of a smooth and low-risk transition.
- Regulatory Compliance: Aryza’s automated processes simplified regulatory compliance, ensuring adherence to industry standards.
- Speed of Processing: Aryza Originate accelerated the loan process, enabling JN Bank UK to serve customers more efficiently.
- Customer Journey: With proven deployment into the digital space and automated processing for credit risk and e-signature, Aryza offered a best-in-class customer journey that had already been benchmarked in the market.
- Ready to Deploy Connectors (APIs): Allowing some of JN Bank UK’s larger partners to integrate seamlessly with the platform, taking control of their own user experiences and leveraging the ‘black box’ nature of the Aryza platform to leverage its functional benefits, proven scalability and resilience.
- Cloud Deployment: Aryza Originate provides scalability, resilience, and total cost of ownership, ensuring a robust infrastructure for JN Bank UK’s operations.
- Market Reputation.
- Speed of deployment.
We are thrilled with the support and expertise provided by Aryza in launching our retail lending operations. Their team’s dedication, transparency, and proactive approach have been instrumental in our success. With Aryza’s assistance, we have achieved rapid yet sustainable growth, empowering us to better serve our customers and communities.
Chris Waring, UK CEO at JN Bank UK (subject to regulatory approval)
Benefits
Following the successful implementation of Aryza Originate, JN Bank UK has experienced several transformative benefits, including:
- Reduction in Manual Work: Originate reduced manual tasks, enhancing back-end processes and operational efficiency.
- Cost Reduction: By automating tasks, Originate lowered costs associated with manual labour.
- Easy Application for Customers: Aryza’s digital journey facilitated a seamless application process, enhancing customer satisfaction.
- Supportive Partnership: Aryza supported JN Bank UK’s retail lending launch, providing skilled experts and fostering open communication.
- Closer integration between JN Bank UK’s loan originations and loan management processes.
- Building a strategic partnership (rather than a simple supplier/customer relationship) between both organisations.
Collection Process
Alongside Aryza Originate, JN Bank UK, as a new lender, sought a digital self-service consumer journey to effectively engage with customers in the early-stage collection process. With Aryza Collect, they found the perfect solution. Aryza Collect is an automated collections software designed for payment plan management and debt recovery. It allows JN Bank UK’s customers to access solutions conveniently, offering a range of payment options and enabling them to complete a detailed Income and Expenditure assessment to evaluate affordability. Moreover, Aryza Collect provides options for forbearance and signposting for consumers facing financial hardship and vulnerability. This comprehensive tool ensures efficient engagement with customers while maintaining a user-friendly experience throughout the collection process.
In collaboration with Aryza, JN Bank UK successfully launched its retail lending operations and entered the UK agent-driven retail sales market in less than six months. Aryza’s reliable technology, expert support, and commitment to innovation have enabled JN Bank UK to achieve its expansion goals efficiently and effectively.
As JN Bank UK continues to grow, Aryza remains a trusted partner, driving success through innovation and collaboration.