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Branchless bank applies for licence
The firm expects to receive the licence later this year and to launch in early 2017, subject to approval from both the Financial Conduct Authority and the Prudential Regulation Authority.
Chris Jolly, Chairman of CivilisedBank, said: “Applying for a full banking licence is a major milestone for CivilisedBank and places us firmly on track for a customer launch early in 2017.
“Customers remain poorly served by the incumbent banks, which is why our team of local bankers will be responsive to their financial needs.
“We will bring back the best of banking: one-to-one relationship banking for business customers, enabled by the latest banking technology.”
CivilisedBank will target owner-managers of SMEs by offering business current accounts with features such as deposits, loans and foreign currency exchange.
Industry experts from banks such as HSBC, Lloyds and Bank of Scotland will help to lead the firm.
The firm will not have branches, but instead operate through a network of local bankers using specialist technology platform FMS.next.
Designed by Profile Software, the desktop and web-browser platform allows banks to customise their own financial services products.
Customers will be able to experience a one-on-one relationship with their local banker and avoid the traditional costs associated with high street banks.
Though FMS.next is already used by a number of European banks, CivilisedBank claims to be the first UK company to harness the technology.
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