Next generation banking for the UK

A new UK-wide Business and Retail challenger bank has secured initial stage funding ahead of its expected launch later this year. CivilisedBank will not have branches but will operate through a network of Local Bankers backed by an innovative yet tried and tested technology platform being rolled out for the first time in the UK.

CivilisedBank will focus initially on small and medium-sized businesses and their owners, offering both business and retail banking products and services. Its unique, branchless local banker network will support community banking and help build one-to-one relationships, without the traditional costs associated with other banks. The pre-application phase for a banking licence has begun with a full launch planned for the later part of this year.

Led by a team with a proven track record in the UK financial services industry including Santander, Handelsbanken, HSBC, Societe Generale, Lloyds, Bank of Scotland and Metro Bank, CivilisedBank will include the only person to have built and launched two new UK banks and a credit union as project manager and regulatory lead.

CivilisedBank will be driven by the Profile FMS.Next banking engine, a proven and scaleable technology platform1, which is being used for the first time in the UK. The technology will enable CivilisedBank to deliver state-of-the-art customer service and products through interfaces with unparalleled usability. It will allow low-cost, flexible and scaleable operations delivering a ‘best-in-breed’ adaptable and responsive service.

Chris Jolly, Chairman, CivilisedBank said: “CivilisedBank will be at the forefront of a new generation of 21st Century banks which are fair, transparent and responsible. We are pioneering a next generation model of customer-facing, technology-driven banking in the UK. Our local bankers will be responsive to the banking and financial needs of businesses in their communities based on one-to-one relationships with their customers. After years of turmoil, we believe that the UK deserves a more Civilised approach to banking.”

CivilisedBank will initially target owner-managers of medium-sized UK businesses by offering business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans. It will also address the UK mass retail market with specific savings and investment products.

The management team of CivilisedBank includes Christopher Jolly (Chairman), Gordon Dow (Chief Executive Officer), Will Banks (Chief Financial Officer), Hazel Hellier (Chief Business Development Officer) and Fiona Brownsell (Project Manager and Regulatory Lead).