UK-based credit-building mobile phone network Boshhh has unveiled a new tool that uses AI to provide more efficient affordability and risk assessment reporting in the financial services and legal sectors, in partnership with Open Banking infrastructure platform Yapily.
By working with Yapily, Boshhh.io can access and analyse years of transaction history with consent from the client, which it uses to generate real-time reports and personalised insights about clients.
It has found these reports have the potential to “significantly” reduce costs for law firms and, at the same time, improve the reliability of consumer credit assessments, enabling both legal firms and financial service providers to make quicker data-driven decisions.
Boshhh has claimed that the new platform’s “smart automations” reduce the time and resources required for manual financial assessments, resulting in more efficient case selection and improved profitability.
As an example, Boshhh said the reports can be used by a claims management firm to help individuals prove they have been mis-sold financial products, with the reports used to support claims at all stages and issued to the financial ombudsman when required.
Lewis Camilleri, founder and chief executive officer of Boshhh, called Boshhh.io “a major step forward” in supporting both consumers and the industry.
“The new tool not only helps in identifying financial mis-selling, but also offers a more affordable and efficient way for organisations to conduct affordability and risk assessments,” he said.
Boshhh was launched to allow users to improve their credit scores through regular “on-time” payments for their mobile phone contracts.
Through its partnership, Boshhh can make use of Yapily’s ‘Data Plus’ product, which categorises financial transactions.
‘Data Plus’ includes 26 incoming and 72 outgoing categories for consumer accounts, and 32 incoming and 115 outgoing categories for business accounts, and it can also identify recurring payments, such as subscriptions or loan repayments, even if the amounts or dates change.
Yapily has enabled Boshhh to develop a fully-automated system that can identify up to 16 different claim types for each customer in seconds.
Yapily CEO and founder Stefano Vaccino
“Creating better, fairer financial services is not always about improvements at the point of use. It’s also about giving individuals and helpful third parties, like Boshhh, easy access to data, which empowers them to challenge injustices,” said Stefano Vaccino, chief executive officer and founder of Yapily.
“We’re very excited about this partnership and will be with Boshhh every step of the way on their mission to build brighter financial futures.”
Lewis added: “The launch of Boshhh.io is a key part of our five-year plan to advance financial reporting tools, while keeping costs low for its clients. By combining advanced technology with strategic partnerships, we are leading the way in providing innovative solutions that benefit both consumers and financial institutions.”
Yapily is a platinum partner of Open Banking Expo UK & Europe 2024, on 15-16 October in London. Find out more about exhibitors and sponsors, and get your ticket to the show here.
Further reading: Yapily’s latest partnership makes Open Banking solutions ‘accessible’
