Civilised Bank has become the latest challenger to acquire license by UK’s Prudential Regulation Authority and has ambitious plans to have local bankers in every major town and city in Britain by 2023.
The financial institution is the 31st to be approved by Bank of England’s regulatory body since 2009, whereas seven other foreign or existing licensed banks have entered the savings market in the same period. The digital bank will offer savings accounts to all from early next year, and current accounts for small and medium businesses, along with loans and investments.
Its officers will have to swear an oath and will be encouraged to visit firms to build relationships.
Moreover, the bank plans to have branchless local banker network to build one-to-one relationships with businesses, without the ‘high client volume per banker or the traditional costs associated with existing high street banks.’
“We are reinventing traditional banking for businesses by bringing back one-to-one relationship banking to SMEs, enabled by the very latest technology – both online and mobile. We want to return to a civilised way of banking with personal service backed by effective technology without any legacy issues. Civilised Bank represents a cultural innovation in banking and a genuinely new approach in the UK market.”, the chairman of Civilised Bank, Chris Jolly said.
Read more at This Is Money website.