● Equifax UK worked with partner PrinSix to implement an Open Banking solution for Telco provider KCOM
● Working with Equifax, KCOM has introduced and expanded its social tariff to help more vulnerable customers reduce their broadband costs

Equifax and PrinSix have facilitated an Open Banking solution for KCOM, a
Yorkshire-based broadband provider, to create the UK’s first internet service provider (ISP) accepting applications for a social tariff online.

Social tariffs give eligible low-income households the ability to access cheaper deals from their service providers. Social tariffs were applied to broadband and mobile bills in the summer to tackle the rising cost of living.

Despite social tariffs being offered by Telco’s, only 2% of those eligible for the discount have applied. Due to the lack of uptake, the Government is increasing pressure on Telco’s to close the gap – but many are relying on outdated systems that result in applications taking up to four weeks to be approved.

Open Banking technology offers a unique route to this application backlog. Equifax’s solution with KCOM, which allows Telco’s to verify an individual’s receipt of Universal Credit. Equifax’s joint open banking solution has drastically increased the speed of the decision-making process, making it possible for applicants to have a greater chance of approval and receiving a decision in minutes.

Andy Sacre, Product Director of Open Banking at Equifax UK, said: “Broadband is an everyday essential for all households. Using technology, like Open Banking, to help more people access this utility is the exact type of action Telco’s should take today to combat the rising living costs.

“Our partnership with KCOM and PrinSIX has replaced out-dated approaches with intuitive and personalised application journey’s. This reduced the application timeline for social tariffs on broadband from four weeks to four minutes an incredible jump in efficiency. Ultimately, this means those in the greatest need of additional financial help will get it quicker.”

Julian Graham-Rack, CEO of PrinSix, said: “We're delighted to support KCOM in offering affordable access to the internet for many more people, meeting their day to day needs in the new digital world.

“The PrinSix approach treats each applicant as an individual, by making the process completely personalised and relevant to them. Our technology is very different to traditional assessment journeys, which create barriers for those in our communities that need most help, because they fail to understand the complexity of individuals’ circumstances quickly and simply.”

Tim Shaw, KCOM Chief Executive, said: “With so many people struggling with the cost of living crisis, we are determined to help our customers keep control of their household budgets.

“By moving our Flex application online leveraging developments in Open Banking we are making it far easier and quicker for our customers to be accepted onto our Flex social tariff. 

"And by reducing the price of our tariff we’re also reinforcing our commitment to making sure everyone has access to high quality, reliable broadband. In real terms, this means being able to work online, book essential appointments and deliveries and stay connected with loved ones.

-ENDS-

Notes to the editor: 
To find out if you are eligible for KCOM’s Flex social tariff visit: www.kcom.com/home/packages/apply-for-a-flex-package