PrinSIX Technologies—A UK Fintech start-up rethinking lending through the orchestration of on-demand PERSONALISED LENDING JOURNEYS for lenders.
Leeds-UK, 7th December 2020—PrinSIX announces the launch of its new platform for the creation of optimised customer onboarding journeys for financial services lenders. The new cloud-based technology platform transforms financial onboarding—specifically, the piece between ‘Apply Now’ and ‘You have been approved’—equipping lenders and other risk businesses to safely meet regulatory obligations while maximising profitability.
The lending industry has gone online, creating a greater distance between lenders and borrowers. Lenders seek to optimise their applications processes, recognising:
- Customers want a simple, intuitive and straightforward application journey
- Regulators require an in-depth understanding of applicants’ circumstances
- Lenders demand cost-efficient marketing and operational processes
- Everyone wants affordable, responsible and sustainable lending
PrinSIX’s leadership team came from the alternative lending market. From a series of real-world learning experiences, the team recognized the positive business impacts of simplifying journeys, transforming understanding and accelerating improvement. These principles were applied by the PrinSIX founders to transform an alternative lending business; the performance of the approach evidenced in quantifiable performance metrics:
- Applicant conversion increased by 300%
- New customer volumes increased by 30%
- Bad debt reduced by 27%
- Fraud decreased by an estimated 10%
- Increased communications engagement
- Reduced and targeted journey intervention
- Reduced customer support queries
The PrinSIX digital platform delivers out-of-the-box best practise that comes from the direct experience of the needs of lenders to meet the demanding standards required by the regulator while mitigating impact of regulation on applicant conversion and business efficiency.
PrinSIX CEO, Julian Graham-Rack, says, “Our digital platform combines real-time analytical learning with deep understanding of consumer lending to—for the first time in the industry—reimagine customer onboarding for the digital age. Our services-led digital platform orchestrates unique customer onboarding journeys, one decision stage at a time. It optimises digital onboarding by simplifying journeys, transforming understanding and accelerating improvement to achieve the optimal balance between Acquisition Cost and Lending Risk.”
To help lenders measure the health of their current lending onboarding approach, PrinSIX offers an Onboarding Health Check. This is short consulting engagement reviews existing onboarding journeys and how well they meet commercial objectives and regulatory objectives.
PrinSIX offers a services-led digital platform for orchestrating unique customer onboarding journeys, one decision stage at a time. Lenders want to maximize customer experience and lending while minimizing cost and risk; with a major concern being regulatory compliance – an existential threat! Filling in the gap of no onboarding solution today that satisfies the needs of lenders, regulators and customers fully and simultaneously, PrinSIX brings personalised lending journeys to achieve these outcomes.
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