A Leeds fintech start-up has launched a new platform aimed at revolutionising the way more vulnerable people in society access financial and utility services.
PrinSIX has set up the Enterprise Platform which aims to level the playing field for people looking to access support, helping firms to bring on board potential customers who fail to pass traditional credit scoring models.
The company says the platform, which is now openly available, is a major step forward in meeting the inclusion agenda set by government.
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The SaaS platform serves up application processes tailored to each applicants’ individual circumstances.
Customers get asked questions based on previous answers, making the application as concise as possible, which the firm says drastically cuts down the time every applicant has to spend in the process, improving conversion and customer experience.
PrinSIX said the solution can be used by a range of sectors, including utilities such as energy supply, and telephony, through to financial services, where understanding the customers they serve is essential, for regulatory and commercial purposes.
The launch client for the platform is telecoms provider KCOM, which has introduced a social tariff with a 25% discount to its normal prices, opening up access to the internet to many who have previously been excluded.
As the client base expands, PrinSIX’s founder Julian Graham-Rack says utility firms will be able to identify the more financially vulnerable customers quicker and more accurately, immediately targeting support where it is needed.
He says there is also the opportunity to apply the platform to making Government support available to those who need the support, adding that access to free school meals could be granted in just five minutes.
Mr Graham-Rack, the founder and CEO of PrinSIX, said: “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.”
