We speak to Tara Flynn, the COO of price comparison website Choose Wisely. Tara is also the COO of Ratio and formerly Head of Business Development for The Richmond Group.
Tell us about your company
choosewisely.co.uk is a personal finance price comparison website, aimed at helping the millions of non-standard people being excluded from mainstream money and banking products. Our customers are the ~12 million adults who find it a challenge to get accepted for basic, everyday financial products such as bank accounts, credit cards and personal loans because either they are new to the country, are new to market or have a bad credit history.
We tell our customers:
“We don’t pull any punches and we’ll tell you it like it is. But we’ll arm you with the information you need to make the right choice and we’ll give you access to a selection of products that’ll meet your needs.”
To non-standard consumers, price comparison isn’t just a nice, thrifty way of saving a few quid. It’s about financial inclusion. It’s about access to basic personal finance products. Household-name price comparison sites focus on high-ticket products such as home or car insurance whilst non-standard consumers who need basic credit and banking products are left to scour Google, often falling prey to scams, spammers or fee-charging brokers. choosewisely.co.uk provides no-nonsense comparison tools for these consumers.
What makes it different?
choosewisely.co.uk isn’t just the best looking, most recognisable and most useable price comparison site in the personal finance space. We’re spearheading the nation’s effort to bring financial inclusion to every corner of this great land. We’re on a mission. We believe in a future where everyone has access to great personal finance products. Regardless of status, background or postcode, regardless of whether you’ve got £1 or £1million in the bank, everyone deserves access to simple, fairly priced and transparent products. And, our mission is to make that happen.
choosewisely.co.uk is quickly developing a reputation as the go to destination for non-standard consumers to get access to the right products. As well being the largest single source of personal finance reviews in the UK, choosewisely.co.uk also hosts a library of detailed product information, hundreds of tailored price comparison tables, budgeting tools and financial education resources aimed at supporting a generation of consumers who through no fault of their own, have poor levels of financial education and low awareness on how to achieve financial success.
What are your plans for growth?
We’re not just changing the game, we’re on a mission to change society. We’re extremely passionate, we care about people and using our design and engineering know-how and our product knowledge to empower those members of our communities who need it most. We dream of a “product for everyone”. This starts with making sure everyone in the UK has a bank account, then it’s about imparting our knowledge and expanding our tools to ensure our users are empowered to take control of their finances. Once this has been achieved consumers will not only have a greater freedom when it comes to financial products but will have the confidence to Choose Wisely.
What advice would you give to new startups and entrepreneurs?
1) Create something people actually want or something that solves a real problem
2) There is no harm in making some mistakes along the way but fail fast so you can re-iterate.
3) Set goals and always measure your success