PrinSIX Technologies, the recently launched Leeds based technology platform has been shortlisted as The Best Open Banking Initiative, sponsored by Mastercard, in the prestigious annual Pay360 awards run by the Payments Association.
In line to be crowned The Best Open Banking Initiative for 2022, PrinSIX launched earlier this year but has already made its mark as a leading innovation in digitising customer onboarding journeys, not only improving the customer experience, but also delivering time and cost savings for service providers.
The latest contract won by PrinSIX was with Hull based telecoms provider KCOM and was cited in the award nomination. This saw KCOM engaging PrinSIX to digitise the journey and remove application barriers presented by long paper based and operationally unscalable process. PrinSIX’s unique journey orchestration platform delivered a fully digital application using Open Banking for customers to present evidence of eligibility from any device, making KCOM the first ISP in the UK where customers can apply for its social tariff online. Applicants receive a decision within minutes and a greater chance of approval. The impact of the PrinSIX journey has been immediate. Social tariff customers have risen over 30% in two months, from c.1,500 prior to over 2,000.
Julian Graham-Rack, founder and CEO of PrinSIX Technologies said, “Being in line for the Best Open Banking Initiative in our first year of delivery is due recognition in what we have created in PrinSIX. Helping KCOM deliver support for their local communities struggling with cost of living increase, the new PrinSIX platform has transformed the journey for both customers and KCOM operations team. A journey that took four weeks can now take a customer under four minutes. The sophisticated solution took only six weeks to create and deploy. 500 customers and growing have now benefited since launching the PrinSIX journey during the cost-of-living crisis.”
Driven by support their local communities struggling with cost of living increase with a new social tariff broadband product.
The Awards are scheduled to take place on October 5th at London’s Park Lane Grosvenor House, and will be showcasing payments businesses from around the globe.