‘Personalised products are a huge growth opportunity’
Urenna Okonkwo is the founder and CEO of Cashmere, a savings app that helps users to set realistic goals so that they can experience luxuries – even when on a budget. “My background is in financial services. I worked as an accountant and a private wealth manager, so experienced first-hand how male-dominated the sector is, and how much of it is aimed towards an older generation.
“I noticed that my female friends were less likely to talk about investments and stocks and shares, whereas male friends were much more willing to discuss finance and take risks. Encouraging women to participate in these conversations about money has always been at the back of my mind.
“The great thing about female founders is that we can build financial products that really speak to women. I’m a huge fan of Sallie Krawcheck, co-founder and CEO of Ellevest, a digital investing platform for women in the US. She is actively providing options for her female clients factoring in women’s pay gaps, career breaks, and longer lifespans,” she says.
“I think that personalised products are the future of fintech; we’re going to see more financial products that understand us as individuals. We all have different goals and life circumstances, so it doesn’t make sense for us to see the same thing when we log into our banking app.
“Another of the biggest growth opportunities is cybersecurity. As more financial companies handle sensitive data, we will have to keep up with continuously evolving security threats.
“Beyond the UK, African countries, such as Nigeria, Kenya and South Africa, are doing some exciting things in fintech, particularly around building financial infrastructure products. Successes from companies such as Paystack, Branch and Flutterwave, show that there is a lot of untapped opportunity within these markets.”