On Thursday the 17th of March 2016, Oakam’s ground breaking mobile app for the unbanked won an FStech award for the best digital launch of the year. Oakam is a UK based high-growth fintech company that provides credit for the under-banked members of society, who struggle to access credit.
The award ceremony was attended by Fredrick Nze, Oakam’s CEO and founder along with senior board members and the app development team.
Oakam, who have lent over 250 million pounds since launching, experienced a massive adoption of the app among its customer base within weeks of going live. 1 out of 3 of customers downloaded and used the app within the first 2 months of its launch.
Chief marketing officer, Tom Allder who accepted the award on behalf of Oakam said “I am very pleased to accept this award, but even more pleased that we are delivering real value to the under-banked by empowering them to manage their finances. Our mobile app will continue to evolve and offer even more tools to customers.”
Oakam’s loan management app was launched at the end of August 2015 for existing customers and provided an intuitive and cutting edge user interface for customers to manage their loan.
The app is available on iOS and Android and is already on version 3 as new features have been added. Upcoming features include the latest engagement and incentive techniques to positively encourage customer interaction. Advanced data science techniques will continue to guide the design of our customer journey.
Winning the FStech award is another important milestone for Oakam and demonstrates the pace at which it is becoming omnichannel. There is more to come!
Fredrick Nze, CEO of Oakam says, “Oakam was set up with a mission to create a better future for the financially excluded. Our mobile app today, and the new features we are continually adding, will disrupt the market for providing credit to the financially excluded by offering real value and innovation to consumers who are so often neglected by mainstream financial services.”
Oakam provides straightforward and simple financial services for people who find it difficult to borrow from banks. Oakam uses a unique omni-channel combination of face-to-face and high-tech delivery to ensure it achieves the dual objectives of increasing reach and reducing the cost of credit to people at the ‘bottom of the pyramid.’