Simplifying and personalising borrowing
Oakbrook – why we exist
Formed in 2011, Oakbrook has brought together people with deep expertise in consumer lending, advanced analytics and forward thinking technologists, with a shared belief that there's a better way to do consumer lending – by being more personalised and customer focussed.
Oakbrook Group comprises of 2 FCA regulated consumer lending businesses and O6K, a business-to-business technology and analytics company.
The shared purpose across all 3 companies is solving the challenge of simplifying and personalising borrowing. Providing customers with fairer access to credit based on their individual circumstances leveraging cutting edge technology, data, and analytics, rather than making decisions based only on averages and outdated backwards looking models.
The industry challenges we solve
Keeping pace with rapidly evolving customer expectations
Today’s consumer expects personalised and meaningful experiences through simple and intuitive interfaces, anytime and anywhere.
With every new generation of consumer, and an acceleration of digital adoption across all generations driven by the pandemic, comes a more innate understanding of technology and, as a result, an increased expectation of their digital relationships. Customer loyalty will inevitably be defined by convenience, personalisation, digital relationships and the ability to maintain pace with the digital revolution.
Disaggregation of banking and lending
Independent aggregators have positioned themselves as the go-to place for the cheapest or best lending products.
They continue to erode the competitive advantage banks have historically enjoyed from previously protected access to customer data, and regulation is accelerating that shift. However, integration to aggregators is complex and without scale there is no leverage over the main channel in the lending market.
Legacy technology delivers poor customer outcomes
Organisations using legacy platforms with antiquated technology, disparate data on customers and siloed systems handling different parts of the customer journey with complicated or non-existent integrations will be unable to keep up with our increasingly digital-first world and an ever evolving regulatory landscape.
There is no short-cut to building a proven lending capability
No lender has become a sophisticated credit expert overnight. Seasoned credit risk experts understand the path to becoming a market leader requires deep expertise and longevity of lending over many years to build, train, redevelop and optimise models.
New entrants don’t have the track record, data or decisioning technology to effectively manage credit risk, and the use of data isn’t as sophisticated as it should be across the industry for even the most experienced.
Our embedded consumer finance platform is integrated into over 40 aggregators, curates 3bn data points every day and provides end-to-end digitally enabled customer services with leading NPS scores of >75.
We do this by using in-depth customer research, leading edge data and analysis at the individual level throughout the customer journey, informed by years of experience, tests and outcomes. We deliver better customer experiences and better economics at scale, and with a modern technology platform which we will make available to others.
Our people and culture
We’re a diverse group of people united by our Purpose of Simplifying and personalising borrowing and our passion for our longer-term vision of changing lending for the better.
And, whether you work in our consumer lending businesses or our O6K technology and analytics company, we all share a common ambition to ensure that the products we create have a positive impact on our customers financial wellbeing.
But we also know that the best way to develop great technology and market leading financial products for our customers is by firstly making Oakbrook a great place to work for our colleagues. So, everything we do is underpinned by a commitment to creating a great culture, where our colleagues feel empowered to deliver great things and achieve their life’s best work.
We’re incredibly proud to have ranked as a Great Place to Work™ for the last two consecutive years.
We’re backed by the UK’s leading digital venture builder, Blenheim Chalcot, benefitting from their decades of experience using state-of-the-art technology and new approaches to transform markets. Oakbrook is just one of their efforts to change financial services for the better. Find out more about the Blenheim Chalcot group here.