Following the successful launch of its smartphone app for iOS customers, Oakam (www.oakam.com), a UK-based lender providing financial services to people who find it difficult to borrow from banks, today announced the app is now available to download for Android phones via Google Play. The extended roll-out is proof that the company’s digital expansion is being welcomed by its existing customers; despite the app only being available to iPhone owners up to this point, almost one in six active customers (16%) have downloaded the app in the first two months.

The app is unique in its category. Unlike other loan apps, which focus on customer acquisition, Oakam’s app allows current customers to track their payments, balance and how much money they owe. In this way, the app helps borrowers to meet repayments and give them more control over their loans. Additional features of the app allow customers to call a customer advisor direct and view personal loan details.

Future versions of the app to be released over the next 12 months will include the latest engagement and incentivisation techniques to positively influence customer behaviour. Advanced data science techniques will also be utilised to design better underwriting processes for both existing and new customers while rewarding Oakam customers with lower interest rates.

CEO Oakam, Frederic Nze said, “At Oakam we’re committed to addressing the needs of the under-banked ethically and sustainably, with a digitally-led solution that is fit for the 21^st century. Following the enthusiastic reception the iOS version of the app received, we’re delighted to be able to offer the service to our Android customers as well. By giving more of our customers control over their loans we’re helping them manage their finances effectively. Continual digital innovation over the next 12 months will mean we can confidently expand the reach of our services beyond our existing customer base and across the rest of the world.”

The Oakam app is available for download for all Oakam customer here.