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Digital-only Bank gets Regulatory Approval

Digital-only Bank gets Regulatory Approval

An online-only bank built on cloud-based software is the latest challenger bank to receive regulatory approval in the UK.

It plans to launch in 2018 and has been in the making for more than two years since announcing its plans to serve small and medium-sized enterprises. It hopes to use the latest technologies to prevent the need for physical branches.

CivilisedBank will use a network of local bankers to serve small and medium-sized enterprise customers, with a turnover of up to around £25m, and will be backed up by a cloud-based technology platform. The tech is currently used in Europe by Parias bank.

Chris Jolly, the bank’s founder told the Financial Times that technology can transform industries.

He said: “With modern technology, you don’t need a branch network. A local banker can have a laptop, a phone and all the systems that go with that,”

Like other challenger banks, CivilisedBank is targeting a niche sector and will offer business banking services such as loans, savings and current accounts. The bank will develop relationships with customers through a blend of technology and local bankers.

The bank stated: “With CivilisedBank, business banking happens where you do business. You’ll always speak to someone you know, and they’ll serve your needs enabled by reliable, innovative technology.”

A statement on CivilisedBank’s website read: “We’ll make it faster and easier so you can be productive on your desktop, tablet and smart phone. Even innovative technology is best when you don’t have to think about it. That’s civilised online banking for you.”

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