Using AI to Determine Personalised Debt Solutions
We're pleased to announce our highly-anticipated AI update is now live!
This will allow app users to find debt solutions based on their personal circumstances solely through their phone screen - a technological breakthrough that aims to encourage more and more UK consumers to speak up about and combat their debt.
Harjit Moore, CEO of Freeze Debt, has been working with a team of developers on the AI update:
“The AI update is a game changer for both the industry and for consumers struggling with debt. One of the biggest USPs recognised by our customers is the initial conversation about debts being through our in-app chat service, rather than through an uncomfortable phone call.
We want to end the stigma around debt, and make it as easy as possible for those suffering to speak up about their problems and take the first steps towards a debt-free future.”
Since it went live on app stores in May 2019, the Freeze Debt app has helped clear over £22m of debt, and had almost 84k downloads.
“We know the app works, and the AI update will only make it even more accessible to those in need.”
After downloading, app users are encouraged to register and input details surrounding their owed debt and income, which the app will then use to analyse the individual’s affordability and suggest the debt solutions most suited to them.
Jonny McCusker, Head of Debt Advice, is excited to see how the AI update will positively influence the app’s customer journey:
“Debt isn’t a nice thing to have to talk about, and whilst we want to encourage people to speak up, we’re still living in a society that stigmatises debt.
Before the update, the highlight of most of our customers’ interaction with the app was the in-app chat service, that allows customers to speak about their debts and other worries in a safe and non-judgmental space.
By completely automating the first part of the process, the hope is that more customers will be encouraged to tackle their debt problems - as they’ll receive suggested debt solutions through the app within minutes, and will be given the autonomy to make a decision.
Those suffering with debt often feel a loss of control, and giving back some of that control in the first stages of the app interface can offer an immediate sense of hope.”
For us, this is an update that has been a long time coming, and we want to be completely transparent about the way that we want to continue challenging the Fintech industry and how it works.
Whilst we’re the first to say that debt isn’t inherently bad, and only becomes so when it becomes unmanageable; the influx of Fintech lenders and ‘BNPL’ schemes over the past 5 years is concerning, with over half (54%) of Millennial and Gen Z consumers saying that they use these schemes roughly once a week.
On top of this, 60% of consumers don’t regard ‘BNPL’ debt as ‘real debt’ - a shocking statistic considering the amount of customers using the schemes.
By offering a debt solution service as up-to-date and easy to use as modern lenders, our hope is that those that do find themselves affected by alternative methods of lending are quick to tackle their debt through the app, and take the right steps towards a debt-free future.