Boshhh has partnered with Yapily to introduce Boshhh.io, a new platform designed to enhance affordability and risk assessment reporting for the financial services and legal sectors.
The platform aims to provide organisations with detailed and accurate reports, reducing processing costs and improving the accuracy of consumer credit assessments. Developed by the team behind a credit-building mobile network, Boshhh.io builds on the company's ongoing efforts to address financial mis-selling and its effects on consumer credit scores.
According to officials from Boshhh, the tool is intended to support both consumers and businesses by identifying financial mis-selling and offering a more cost-effective and efficient method for conducting affordability and risk assessments.
Boshhh.io operates through a partnership with Yapily, an Open Banking provider, and collaborates with various UK-based litigation firms. This partnership enables the platform to deliver automated reports that can identify up to 16 types of claims for each customer within seconds. Yapily's Data Plus+ service enhances this process by generating comprehensive financial reports, which are used by claims management firms to assist individuals in proving they were mis-sold financial products. These reports can also be submitted to the financial ombudsman when necessary.
Representatives from Yapily stated that the partnership with Boshhh provides individuals and third parties with better access to financial data, allowing them to challenge financial missteps. They expressed enthusiasm for the collaboration and its potential to create positive change in financial services.
The tool has also been designed with cost-efficiency in mind, particularly for law firms managing claims. Initial feedback from these firms suggests the platform has generated significant cost savings, making it a valuable resource for the legal sector.
Beyond the legal industry, Boshhh.io is expected to impact the financial services sector by providing lenders with more accurate affordability reports, offering deeper insights into consumer spending patterns. This, in turn, aims to raise the standard of risk assessments within the industry.
Officials further noted that the launch of Boshhh.io is part of the company’s broader five-year strategy to innovate financial reporting tools while maintaining cost-efficiency for clients. They highlighted the importance of combining advanced technology with strategic partnerships to offer solutions that benefit both consumers and financial institutions.
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