Home PrinSIX Technologies selected to participate in the FCA and City of London Corporation’s first Digital Sandbox

PrinSIX Technologies selected to participate in the FCA and City of London Corporation’s first Digital Sandbox

Press Release: November 24, 2020

PrinSIX Technologies—A UK Fintech start-up rethinking lending onboarding through the orchestration of on-demand PERSONALISED LENDING JOURNEYS for lenders

Leeds-UK, 24 November 2020—PrinSIX announces its selection to participate in the FCA and City of London Corporation’s first Digital Sandbox

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 the pandemic.  With new technologies such as 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 PrinSIX

Adding borrowers without adding risk

PrinSIX offers a services-led digital platform that uses real-time analytical learning ‘at the speed of digital’ to orchestrating 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 customer outcomes and regulatory compliance.  

For more information, please visit www.prinSIX.com.

 

MEDIA CONTACT DETAILS:

PrinSIX Technologies Ltd

Union Mills, 9 Dewsbury Rd, Leeds LS11 5DD, United Kingdom

Tel: 0333 772 1954

hello@prinsix.com

Media and Press Contacts:

Francesca Manley

francesca@prinsix.com

 

Notes to editors

For more information, please contact:

Ian Tomlin

Tel: 020 3983 7001

Email: ian.tomlin@newtonday.uk

Visit the newsroom of: Ian Tomlin

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