Nora Fakiri
Nationality: Belgian / Moroccan
Programme: Evening Executive MBA, 2023
Pre-MBA: Strategy Consultant and VP, Barclays Bank
Post-MBA: Founder and CEO, Finess Financial Wellness Ltd
Current industry:Fintech
Making the move from Corporate Banking to Social Enterprise Entrepreneur
When Nora Fakiri enrolled on the Evening Executive MBA, she knew what she was looking to achieve.
“I had a clear career trajectory in mind, with a focus on advancing within the corporate world, particularly in the banking sector. The MBA was a strategic move to further develop my leadership abilities and better position myself for future career opportunities.”
What Nora hadn’t anticipated was just how transformative her time at Bayes would be.
“The MBA experience at Bayes will change you. It challenges your beliefs, your thinking and your existing skills. It is important to embrace those challenges and to let go and learn new things. Change is so important, allow the transformation to happen.”
The result of that transformation saw Nora leave the corporate world behind, and completely switch career paths to launch her own fintech start-up, Finess Financial Wellness.
A corporate background
Before joining the Evening Executive MBA, Nora had an extensive career in the financial sector. She spent nine years at Accenture, leading multicultural teams to deliver high-impact programmes in strategy and regulatory transformation across multiple regions. At the time of enrolling in the MBA programme, Nora was working at Barclays Bank Plc as a Vice President, responsible for driving business requirements for multimillion-pound transformation initiatives.
“As my career progressed, I faced increasingly complex projects and led larger teams, which made me realise the importance of developing my leadership skills and becoming more comfortable with handling complexity. The MBA programme offered the perfect opportunity to focus on these areas and improve my overall effectiveness as a leader and strategist.”
When researching business schools, Bayes stood out among other UK institutions for several reasons:
“Firstly, it has a strong reputation in areas such as Entrepreneurship, Strategy and Finance which aligned with my career interests and aspirations. Secondly, when I spoke to Bayes alumni their positive feedback was impressive – particularly about how transformative an experience it was. Thirdly, the opportunity to receive the Women in Business award was an added benefit that encouraged me to enrol at Bayes. Finally, the central London location was convenient for me, as it allowed for easy access from my workplace in Canary Wharf.”
A supportive environment
For Nora, taking the MBA during the Covid-19 pandemic, while pregnant, meant juggling many different priorities.
“My pregnancy during the pandemic, alongside managing my job and family, was a complex but exciting time. I felt energised by my pregnancy despite morning sickness and physical tiredness. The support from my cohort was overwhelming and inspiring, and their positivity gave me the motivation to continue pursuing my MBA.”
Finishing the MBA had a bigger meaning - it was not only for me but also for this tiny unborn person.
“Everyone at Bayes provided me with invaluable support throughout my MBA journey, particularly during my pregnancy. The Women in Business Award was a significant encouragement that further motivated me to continue with my studies and empowered me as a woman in business. I am extremely grateful for that support – without it I wouldn’t have founded my own business.”
Discovering her inner entrepreneur
Of all the modules on the MBA programme, one that particularly stood out was the module on Entrepreneurship.
“It helped me affirm my entrepreneurial spirit and explore new avenues for professional growth.”
Nora’s Business Mastery Project (BMP) with new-build mortgage provider Own New, also offered real-world insight into entrepreneurship, innovation and disruption.
“Initially, I aimed to provide strategy advice on expanding the business internationally. However, the pandemic made international expansion less viable. My BMP advisor, Dr Alessandro Giudici , suggested that we pivot the strategy and focus on entrepreneurship and innovation, because that was what the start-up needed. I recommended a portfolio of innovative business models that enabled them to diversify their revenue model, and they did break through into the UK market.”
It proved to be an enlightening experience.
I discovered that failure is part of a start-up's growth process and is closely linked to innovation.
Innovation often involves experimenting, failing, and trying again until a successful solution is found.
Reflecting on the project, I realised that a failed project is not the end but rather a starting point for innovation and exploration. This lesson boosted my confidence in my abilities and changed my perspective on challenges in the start-up world. It gave me valuable insights into the realities of working with early-stage start-ups and the importance of adaptability and resilience in the face of unexpected obstacles.
Developing a new social enterprise
Dr Giudici’s support during and after her MBA was instrumental in helping Nora to develop her own business idea.
“His advice and encouragement gave me the confidence and motivation to pursue my entrepreneurial aspirations. The MBA programme’s emphasis on innovation and disruption has enabled me to transform from a corporate executive to the leader of an innovative start-up.”
In late 2023 Nora founded Finess Financial Wellness Ltd, a financial wellness fintech with a social enterprise purpose. The aim of Finess is to financially empower everyone, regardless of their income or background.
“I want to create a more equitable and inclusive financial landscape by addressing the challenge of high cost personalised financial advice and the lack of focus on financial psychology. The purpose is to rebalance the financial system and empower people to make informed decisions about their finances, regardless of their income. I founded Finess Financial Wellness to make personalised financial coaching, advice, and psychology more accessible and affordable, ensuring everyone has the resources they need to take control of their financial well-being and achieve long-term success.”
I don’t think I would have made the leap from the corporate world to start-up entrepreneur if I hadn’t done the MBA.
Nora is currently based in the City Launch Lab, an incubation space for City, University of London students and graduate entrepreneurs. It offers access to an accelerator programme with coaching, mentoring and training, as well as a year’s free desk space.
“Being part of the Launch Lab is completely different from everything I have done before. I am so boosted every morning to wake up and go to the Launch Lab and be in such a collaborative and supportive environment. There is everything you need as a founder and as a start-up to succeed.”
Having a young child and starting my own business is busy and challenging. However, I have never felt as happy as I do now, and you cannot put a price on that.
Embrace the journey
What is Nora’s advice to anyone thinking of doing an MBA?
“The MBA experience at Bayes will change you, and it's essential to embrace the process and allow the transformation to happen. Don't be afraid to take on the challenges that come your way. The programme is designed to push you out of your comfort zone and help you develop skills and knowledge beyond your existing experience. This process may be complex and demanding, but it is also rewarding and transformative.
The highlight of my MBA journey at Bayes was the human aspect - the people I met and the bonds we formed. The connections I made will be with me for a lifetime, and I am forever grateful for the friendships and professional relationships formed during my time at Bayes.
These relationships are, for me, the true value of the MBA experience.”