Reflecting on 2022
30th January 2023
As we venture into 2023 and all that this may bring to us and the wider finance industry, we wanted to take a moment to briefly reflect on what we acheived in 2022 and share some of our plans for the future.
We achieved a huge amount in 2022. We rolled out Oakbrook Loans, a new loan product for the Near Prime market and we decommissioned our Likley Loans product replacing it with Finio Loans. Our product launches were incredibly successful and have been met with such positive response from our customers with our Finio Loans product currently achieving a TrustScore of 4.8 on Trustpilot.
We worked hard to understand what our customers wanted and needed from us. And, whilst we still have lots of work to do, amongst the research we did we conducted studies around language and user expereince when it came to our application journeys. We also spoke to customers to help us understand what we could do more of when it came to supporting those who become vulnerable or were struggling.
We fully launched O6K, our bespoke financial services technology platform giving us the ability to deliver highly adaptable solutions across multiple areas of financial services, from origination through to servicing and management of financial products. Both the products we launched in 2022, Oakbrook Loans and Finio Loans, were brought to market quickly utilising our O6K technology.
We stared hard into the cost-of-living crisis. Really focusing on how this is affecting our customers and what we could be doing to better support them. And as we move through 2023 this remains one of the key priorities for Oakbrook.
It’s no surprise to lenders and other financial institutions now just how hard the economic environment is. Rising interest rates, costs of funding and increasing customer impairment will be affecting most if not all lenders across the board. And, as lenders do everything they can to support their customers, they simply can't forget that they also have obligations to investors and funders as well.
So, as we move into 2023 we retain the same ambitions, values and purpose that we've always had. We continue to work hard to support our customers and to deliver our purpose of simplifying and personalising borrowing. We have lots of plans and ambitions and we’re looking forward to once again delivering some amazing things in 2023.