boshhh.io can securely access and analyse years of transaction history, with the client’s permission. From here, boshhh.io generates detailed, real-time reports and personalised insights about clients, based on their financial patterns and account activity.
This has been shown to not only reduce costs for law firms by as much as 99.88%, while enhancing the reliability of consumer credit assessments, but it helps both legal firms and financial service providers make faster, data-driven decisions. The platform’s smart automations can then cut the time and resources needed for manual financial assessments by up to 50%, leading to more efficient case selection and better profitability, while providing greater value and support to clients.
These reports can be used by a claims management firm to help individuals prove they have been mis-sold insurance or other financial products. This report can even be forwarded to the financial ombudsman to aid the claim.
Lewis Camilleri, Founder and CEO of boshhh, said: “boshhh.io represents 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.”
Launched by the team behind the world’s first credit-building mobile network that allows users to improve their credit scores through regular on-time payments for their mobile phone contracts, the new tool builds on boshhh’s commitment to addressing financial mis-selling and its impacts on consumer credit files and overall well-being.
It also leverages its partnership with Yapily to bring the scope and scale of Yapily’s product Data Plus to even more customers, including the top specialist litigation firms in the UK.
Data Plus goes beyond just accessing financial data; it offers unparalleled depth and accuracy in categorising financial transactions. This includes 26 incoming and 72 outgoing categories for consumer accounts, and 32 incoming and 115 outgoing categories for business accounts.
It can also identify recurring payments like subscriptions or loan repayments, even when amounts or dates change, giving businesses deeper insights into customer financial behaviour. Additionally, it supports income insights for a variety of workers, from salaried employees to gig workers.
This collaboration has enabled boshhh to develop a fully automated system that can identify up to 16 different claim types for each customer in just 90 seconds, making it a game-changer in the field of financial reporting. It can also take advantage of the fact Yapily is one of only an exclusive group of open banking providers that offers the maximum duration of banking data from an individual’s account, enabling boshhh to review claims dating as far back as seven years.
Stefano Vaccino, CEO and Founder at Yapily, added: “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. 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”.
In addition to its benefits for legal firms, boshhh.io is poised to make a significant impact in the wider financial services sector. The tool provides lenders with reliable affordability reports at a fraction of the cost of traditional credit reports, setting a new standard for risk assessment in the industry.
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.”
For more information, please visit www.boshhh.io.
