Thursday, July 7, 2022
BusinessFinance app launches helping those struggling with rising debt

Finance app launches helping those struggling with rising debt

A new finance platform aims to provide easier access to financial products for UK consumers, including the growing number of people deemed to be living with low financial resilience. 

Ooki is a new app that allows users to manage their finances in a quick and efficient manner.

Designed to radically improve the consumer experience, it combines credit profiling and open banking with users able to access all their accounts in one place.

OOKI - business News Scotland
Photo by Ooki. Ooki targets £11.5bn market supporting rising group of ‘low financial resilience’ UK consumers.

Ooki also provides consumers with personalised money insights, real-time credit monitoring and targeted offers for relevant products, increasing accessibility to beneficial personal finance services.

Damon Hirschl, the fintech entrepreneur behind the innovative and disruptive technology, believes Ooki will play a key role in supporting millions of UK consumers who are facing rising debt with little or no savings.

Earlier this year, the Financial Conduct Authority (FCA) reported a sharp rise in people with low financial resilience, meaning over-indebtedness with low levels of savings or low or erratic earnings, since the Covid outbreak.

The FCA said this figure has risen from 10.2m to 14.2m over the course of 2020 as the global pandemic took hold with 25% of the UK expecting to struggle to make ends meet.

Targeting a range of competitors including price comparison platforms, and insurance and credit brokers, Ooki has identified a UK marketplace worth £11.5bn per year.

OOKI - Business News Scotland (1)
Photo by Ooki. This includes more than 17m Millennials and 8m consumers with adverse credit ratings.

Hirschl, founder and CEO of Ooki, said: “Instead of the Covid crisis serving as a catalyst for positive change, the financial services industry has failed to help consumers resolve banking and credit inconveniences or ensure they are able to make the most of their money during a time of significant hardship.

“Ooki is a game-changer as it offers a new and modern money management solution which can support consumers, including those with low financial resilience, by incorporating personal finance tools and insights within a single app.

“The security-focused technology of our platform delivers an impartial and transparent experience for all users, providing them with financial products that enable them to save money by accessing fairer deals.”

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