Branchless challenger CivilisedBank comes out of stealth mode

Branchless challenger CivilisedBank comes out of stealth mode

CivilisedBank, a new UK-wide business and retailer challenger bank led by a team of experienced financial services executives, has secured initial stage funding ahead of an anticipated launch later this year.

The new bank will not have branches but will operate through a network of 'Local Bankers', initially targeting owner-managers of medium-sized UK businesses by offering business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans.

The bank will use the Profile core banking platform FMS.next to run the business, which also plans to address the UK mass retail market with specific savings and investment products.

Chris Jolly, chairman, CivilisedBank and a former MD with Merril Lynch, says: “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.”

Alongside Jolly, CivilisedBank will be led by a team with a proven track record in the UK financial services industry - and specific experience in the launch of new banking businesses - including CEO Gordon Dow, CFO Will Banks, Hazel Hellier as chief business development officer and Fiona Brownsell as project manager and regulatory lead.

Jolly says the pre-application phase for a banking licence has begun with a full launch planned for the later part of this year. Details of the funding have not been disclosed.

Comments: (3)

Brett King
Brett King - Moven - New York 10 March, 2015, 08:332 likes 2 likes

They lost me at "led by a team of experienced financial services executives" - you need a team led by technologists and customer experience specialists today, not just reformed bankers

A Finextra member
A Finextra member 11 March, 2015, 09:31Be the first to give this comment the thumbs up 0 likes

Brett King is so right.  The importance and clear dependency on both the user experience and the technology to support it is crucial to every success story. 

Bryan Foss
Bryan Foss - Civilised Bank Ltd - London 29 August, 2017, 10:14Be the first to give this comment the thumbs up 0 likes

Hi Brett, while the article has emphasised the financial services experience on the CivilisedBank team, I can assure you that the technology and customer experience specialist skills are just as strong. For myself you'll know I co-authored 6 business books on these topics, 2 of which are unique works on CRM in FS on B2B and B2C. There is a challenge that the regulator is very insistent on banking skills for a bank board (Fintechs dont have the same pressure) and if you combine these with technologists & customer experience expertise the boards and management teams can become quite large - but there are ways to tackle this issue too. Plenty of challenges faced, but the proofs are getting much closer now!  

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