Introducing FIOLA® - financial intelligent online assistant
Powered by:
  • BIG DATA
  • Advanced AI
  • Behavioural Analytics
  • Machine Learning

The science of data

We have combined our backgrounds in analytics, banking operations, technology, and behavioural science to provide a solution to tackle the ‘Unsecured Debt Bubble’ and the rise in ‘Sub-Prime Lending’ in a new way.

Finexos uses ‘BIG DATA’ to detect behavioural and spending patterns from a number of internal and external sources. The system combines Advanced AI, Machine Learning and Behavioural Economics allowing FIOLA to build a more comprehensive credit profile for at risk borrowers.

Our Open Banking API (PSD II) provides us further access on an ‘Opt-In’ basis, detects risks and builds an external threat analysis for the consumer and their bank.
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Finexos has developed a 3 Step approach to help over-leveraged consumers whilst there is still time to restructure their debt, restore their cashflow position and improve their creditworthiness. Finexos will provide financial education and incentives to positively change behaviour towards managing finance and debt. A range of tools is provided through our apps so that the consumer can independently build financial resilience and knowledge. In time we will seek ways to restructure higher interest debt when the consumer is fully prepared and educated.

Step 1
Our FREE Financial Health Check similar to that of a credit score check will provide consumers with an instant view of the their financial position and a number of suggestions with support through our apps designed to stabilise their cashflow.

Step 2
Regular use of the app will provide Finexos with the data required to present a range of solutions from cash flow management, paying off high interest debt on a faster basis, setting aside emergency funds and provides the educational tools to explain how it all works.

Step 3
Make a full assessment for the amount of credit required, conduct suitability, affordability and repayment capability checks and then design a consumer specific debt exit programme that will run over a number of years to reduce the cost of borrowing and increase monthly cashflow.
 

Our Aim:

  • Provide ongoing Financial Education
  • Reduce levels of unsecured debt */li>
  • Increase cash savings
  • Plan for emergencies
  • Ensure proper protective measures are in place
* (Our credit repair programme reduces outstanding unsecured debt on a 3,5 or 7 yeas basis A phased reduction in outstanding unsecured credit on a managed programme)

Reducing risk

Finexos is committed to supporting our partners in the Financial Services Sector. Understanding the complex needs of consumers in the poverty cycle and credit trap is difficult. Our technology is designed to provide unrivalled clarity and transparency when dealing with consumers who are in financial difficulty or vulnerable to changes in the greater economy.

Our innovative technology is designed to reduce the risk of lending to borrowers with poor or thin credit files; through qualitative analysis, online support tools and technology designed to stabilise their cash position prior to a programme that may include debt consolidation.

The 3 Step Approach provides us with multiple data points and timelines to illustrate how the consumer is now managing their finances better than before, that daily use of the app has helped stabilise their cash position and behavioural indicators that shows their willingness to enter on to a structured debt exit programme.

This approach combined with our technology can help increase disposable income through the reduction in debt servicing costs ensuring that there is adequate affordability within the household with Finexos providing maximum support for the consumer to stay on track throughout the process.

 

Working in Partnership to develop an Ethical Lending Marketplace

Finexos’ objective is to work with all regulated lenders who are ethical providers of credit and willing to work within our regulatory and compliance framework. We are developing an Ethical Lending Marketplace that will deliver a trusted solution to the millions of UK consumers who are at risk of default and cannot access the right credit product. We are open to collaboration with interested regulated lenders, consumer think tanks, government bodies and other innovative fintech’s in this space.

Please contact markfisher@finexos.co.uk to discuss how the marketplace will work and our terms.

AI powered financial intelligence

FIOLA® uses Open Banking (and soon Open Finance) API’s to extract large amounts of bank data with the consumers permission, which is then used to learn more about their spending habits and behaviours around money. It then scores their skill level in terms of managing their finances on a monthly basis whilst detecting issues that are causing them difficulties.

The power of FIOLA is in its dynamic ability to learn from the complex patterns of individuals spending habits.

FIOLA can:
  • Identify over-leveraged customers who are at risk of default or falling into financial difficulty
  • Provide a range of solutions to help stabilise the consumers cash flow and improve behaviours around spending money and prioritising their expenditure each month
  • Customise lending solution based on the behavioural science, spending analysis and previous credit utilisation
FIOLA works directly with the consumer via a mobile APP to:
  • Detect weaknesses in the individual’s knowledge of financial services and products
  • Formulate of a Learning Needs Analysis specifically for that individual with delivery of consumer specific financial education content
  • Rebuild the individual’s confidence in their ability to handle financial matters
  • Reward individuals for learning and improved financial management

Benefits to financial institutions

Finexos aims to support ethical financial institutions with tools that provide better care for vulnerable and over leveraged consumers who may require specialist support. We realise that major banks and lenders can play a pivotal role in helping people break the cycle of persistent debt and that they also require support.

The major challenge starts with enhancing current credit scoring methods that will automatically exclude millions of the consumers we are trying to help. Our enhanced Cash Flow Based Credit Scoring tool is supported by empirical evidence from other countries (especially in developing nations where credit scores and bank accounts are often not available) showing that Non Performing Loan Ratios can actually reduce, when using this method of scoring consumers.

The FIOLA® platform will include our CFBCS enhanced credit scores and a dynamic new lending portal that can automatically adjust to market conditions to prevent unnecessary consumer defaults and loan book impairment. These features provide risk mitigation by providing ongoing cashflow visibility and notifications in advance of any issues.

We believe that these measures will to help ‘Quantitatively Ease’ the unsecured debt market of tomorrow by encouraging banks and other lenders to move more consumers from high cost revolving credit to lower cost structured arrangements, creating smarter borrowers with reduced risk of future default.

Our objective is to enable:
  • Early identification of over leveraged individuals including exposure beyond their primary bank/ lender, enabling institutions to engage and address issues
  • A new approach to rehabilitation of ‘at risk’ consumers, with a strong focus on reducing risk and credit interest rates over time whilst helping to accelerate repayment of outstanding debt
  • Rehabilitation of vulnerable consumers to resilient consumers – Using FIOLA, to help reduce stress and stress related illness caused by money worries
  • Improved visibility of potential credit risks in both consumer and commercial portfolios, enabling better management and reporting
  • A real reduction in credit write-offs and in the cost of collections, recoveries and litigation