A Leeds based fintech start-up is set to revolutionise the way the more vulnerable in society access financial and utility services.
With the announcement of the formal launch of the PrinSIX Enterprise Platform, a solution for all services that struggle to onboard potential customers who fail to satisfy traditional scoring models is now openly available.
The platform is a major step forward in meeting the inclusion agenda set by the government.
It uses an intuitive approach in assessing applicants through personalisation, making every element of the onboarding journey relevant to them. In doing so it both minimises the time every applicant has to spend in the process and increases the level of customer insight, leading to greater conversion and acceptance.
Suppliers partnering with PrinSIX will come from a range of disciplines across utilities such as energy supply, and telephony, through to financial services, where understanding the customers they serve is essential, for both regulatory and commercial purposes.
The potential impact of the platform is demonstrated in the launch client, telecoms provide KCOM. The application digitisation made possible by PrinSIX has supported KCOM to introduce a social tariff with a 25% discount on its normal prices, opening up access to the internet to many who have previously been excluded.
As the client base expands, it’s envisaged that utility firms will be able to identify the more financially vulnerable customers quicker and more accurately, immediately targeting support where it is vitally needed. There is even the opportunity to apply the platform to making government support available to those who need it. Access to free school meals could be granted in just five minutes.
Founder and CEO of PrinSIX, Julian Graham-Rack, commented,
“We have spent two years building the PrinSIX platform, based on our own experience and frustration of seeing so many excluded from financial and other services, simply due to the formulaic approach to assessments that treat everyone the same and fail to properly understand the complexity of people’s lives. Seeing the platform’s benefits to the more vulnerable through our launch customer KCOM, we are excited at what lays ahead, and the way that we can genuinely help in addressing the inclusion challenges faced by too many in society”