Building wealth requires savings and investments, and there are numerous apps and services available today to assist with these tasks. From apps that provide access to global stock exchanges to services that help users save up for their next vacation, these tools can be highly beneficial. However, despite their potential, adoption rates have been slow. This is largely due to several barriers that prevent these tools from delivering a meaningful experience to customers, including challenges related to accessing their financial data.
Challenges for WealthTech Platforms
A key challenge for most wealthtech platforms is building effective onboarding flows for your users. Most apps allow users to sign in with social logins, which can be useful. However, users' biographical data is often incomplete or inaccurate. In some cases, users can update their info, but this adds another step to the account setup process.
Access to Data
With the digitization of financial services, providing general information is straightforward. However, offering personalized and relevant information is challenging due to financial data being scattered across the ecosystem. Banks and other financial platforms typically protect customer data closely and allowing startups direct access could pose security risks. While this concern is valid, wealthtech startups require this information to grow.
Opportunities for WealthTech with Okra
Faster & Simpler Onboarding Flows
Wealthtech companies can benefit from integrating with Okra’s products, like the Identity API, which can be used for BVN and account verification. By using Okra’s Identity verification solutions, you can create comprehensive profiles for your clients, giving them a better understanding of their financial situation. With Okra’s APIs, your platform can offer highly personalized recommendations and services, customized to each customer's individual needs and goals. You can use this increased level of insight to empower your clients to make informed financial decisions and build long-term wealth.
Personalized Financial Services
For Africa, the true financial picture of its citizens remains unclear as banks and startups hold different parts of the picture in their databases. Startups can easily target specific customer groups, while banks have more data. With Okra Balance, Spending Patterns, and Transactions integrations, your customers can now connect their bank accounts to gain a clearer view of their financial health.
Customers can now set financial goals and receive customized alerts and tips to help them achieve these objectives through optimized spending, saving, and investing. Okra’s API infrastructure supports advanced budgeting tools that can provide users with the information they need to make informed decisions about maximizing their income. As a result, customers can effectively manage their finances and work towards achieving long-term financial stability.
The opportunity for wealthtech services in Africa is expanding rapidly as financial inclusion across the continent increases. As more Africans gain access to bank accounts and digital financial services, there is a growing demand for personalized tools that help people manage their money, save up for important goals, and invest in the future.
Okra provides the open banking infrastructure that you need to build innovative products that meet this demand. Through Okra's API, you can access your customers' financial data from banks and other institutions to gain a comprehensive view of their financial situation. You can leverage this data to offer personalized recommendations, insights, and services tailored to each user's unique situation.
With Okra, you have the ability to accelerate customer onboarding, deliver truly customized experiences, and help more Africans achieve financial wellness. Okra can power the growth of wealthtech in Africa to the next level.
Start building with Okra today!
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