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Extended-form Case Study
CivilisedBank: traditional SME relationship banking, reinvented
Published on July 31, 2016 26 min
A selection of talks on Finance, Accounting & Economics
I'm Will Beeson, Head of Operations and Innovation at CivilisedBank, a start up SME focused bank in the UK. And, this is a case study on some of the early work that we've done, specifically, in developing our launch strategy and identifying the market opportunity that we were looking to capitalize on.
A quick bit of background on CivilisedBank for context. We are nearing obtainment of a banking license, working together with the two banking regulators here in the UK, the PRA, Prudential Regulatory Authority, and the FCA, Financial Conduct Authority. We're planning to launch in 2017, within the next six to nine months or so. The bank's initial focus will be on SME lending, relationship management for SMEs, supported by full service lending function, and we will also offer online retail deposits. CivilisedBank intends to launch with a simple, easily understandable product range which will include SME loans and overdrafts, SME and retail savings products, business current accounts, and cards connected with those accounts. That products set will allow us to engage SMEs around the core elements of financial management. After launch, we will slowly expand the product set based on customer requests to cover such products as asset and invoice finance, cash management, FX, and more. The strategy is that we will be leveraging great new technology to liberate our relationship managers from the traditional confines of a branch. So CivilisedBank will be branchless. And, I'll make that point now, and make it again probably a couple times throughout the course of the talk. Our opportunity is to leverage technology, not simply to create a better online and mobile app or website, but actually to use technology, to leverage technology, to enhance the level of service and personal touch that we're able to offer to SME customers.