PrinSIX Technologies—A UK Fintech start-up rethinking lending onboarding through the orchestration of on-demand PERSONALISED LENDING JOURNEYS for lenders
The Digital Sandbox was announced by the FCA’s Interim Chief Executive Christopher Woolard in July, when applications were invited for innovation in SME lending, fraud prevention, and supporting vulnerable customers.
The regulator has a history offering support to innovators through their Regulatory Sandbox. The Digital Sandbox focuses on technical and analytical innovators and aligns to the FCA’s digital priorities outlined in their 20/21 Business Plan. The sandbox provides valuable support to innovators, including large datasets and regulatory support to test and refine innovative digital solutions, a marketplace for digital service providers to collaborate and an ecosystem for organisations both within and outside FS to provide support and input.
Julian Graham-Rack, PrinSIX Technologies CEO, says, “The Digital Sandbox is an excellent initiative by the regulator, and PrinSIX values the opportunity to be part of it. Digitisation is a long-standing trend within FS, driven by customers’ demand for convenient service and firms’ demand for efficiency. That trend has accelerated this year due to COVID-19. With new technologies like Open Banking making customer journeys increasingly complex, there’s never been a more important time for lenders to achieve optimal onboarding.”
PrinSIX intends to use the opportunity to refine how it delivers highly personalised customer onboarding journeys to highlight and explore signs of vulnerability within consumer credit. The company looks forward to being part of a community of Fintech innovators focused on improving outcomes for customers.
Graham-Rack adds, “With digitisation comes new risks. Customers have extremely varied personal circumstances. As human interactions reduce, firms lose important connections with their customers, and this diversity gets lost in standardised and automated digital journeys. It is clear from the FCA’s current consultation on fair treatment of vulnerable customers that this is a concern, and rightly so.”
About the Author
UK CEO – PrinSIX Technologies
Julian is CEO and founder of PrinSIX Technology, a FinTech delivering a unique new approach for lenders to meet their regulatory and commercial onboarding objectives.
Julian’s passion for innovation within consumer lending came from his five years’ experience as the UK CEO of the US sub-prime lender Curo Group. Joining in 2014, Julian was set the challenge transformed an old style payday lender into an innovative digital lender in an FCA regulated world. This experience, gained from testing and refining new digital and analytical regulatory and commercial strategies with FCA oversight was the inspiration for PrinSIX. It inspired the creation of a proposition to help meet every lender’s challenge of optimising commercial outcomes without compromising customer outcomes.
During this time Julian was also president of the Consumer Finance Association, the trade body that represents the interests of the alternative lending industry.
Add Customers Without Adding Risk
PrinSIX offers a services-led digital platform that uses real-time analytical learning ‘at the speed of digital’ to orchestrate unique customer onboarding journeys, one decision stage at a time. PrinSIX meets the needs of lenders, regulators and customers fully and simultaneously; equipping lenders to maximize customer experience and lending while minimizing cost and risk; with a major concern being regulatory compliance—an existential threat.
For more information, please visit www.prinSIX.com.
MEDIA CONTACT DETAILS
PrinSIX Technologies Ltd
Union Mills, 9 Dewsbury Rd, Leeds LS11 5DD,
Tel: 0333 772 1954
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