23 October 2017
Find out more

Halifax opens IF Internet arm

30 November 2000  |  2724 views  |  0 Halifax opens IF Internet arm

Intelligent Finance, the telenet banking operation of the UK's Halifax bank, completed its launch when its Web site went live this afternoon (Thursday).

Halifax was forced to pull back from its initial launch date for IF after last minute systems testing revealed unexpected software glitches. The telephone banking arm of the new venture eventually went live in late September, two months later than originally scheduled.

With the opening of the IF Web site, customers will now have the choice of conducting all their banking over email, telephone and Internet - whilst also being able to access balance information on WAP mobiles. A television advertising campaign using Intelligent Finance's signature music, by Fat Boy Slim, will spearhead the promotion of its complete offering.

ICM research, commissioned by Intelligent Finance and published today indicates that over 16.5 million adults in the UK would prefer to bank with a combined telephone and Web bank like Intelligent Finance rather than an Internet-only operation.

The telephone banking arm claims to have opened 50,000 accounts in the weeks since launch - more than one account every minute, with current accounts, credit cards and personal loans currently being added at the rate of 6000 each week. Fifty per cent of business has been forwarded by professional advisors, says the bank, which claims to be notching in excess of two products per plan. IF also claims to have processed over half a billion pounds in approved mortgage applications. Ninety per cent of all business is coming from outside the Halifax, says the bank.

Intelligent Finance uses an interest sweeping algorithm to connect any combination of accounts, enabling customers to choose how to offset their balances.

Jim Spowart, chief executive of Intelligent Finance says: "We've got off to a really good start. Customers are switching banks to get the value from our unique offering."


Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Halifax and NCR bring ATMs into line

Halifax and NCR bring ATMs into line

29 November 2000  |  3316 views  |  0 comments
UK bank Web sites failing to deliver

UK bank Web sites failing to deliver

15 November 2000  |  2984 views  |  0 comments
Halifax to pilot direct debit transfer scheme

Halifax to pilot direct debit transfer scheme

08 November 2000  |  3496 views  |  0 comments
Halifax looks to Belfast for skilled developers

Halifax looks to Belfast for skilled developers

31 October 2000  |  3930 views  |  0 comments
AIB scraps Internet bank plans

AIB scraps Internet bank plans

26 October 2000  |  2904 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19001 views comments | 26 tweets | 38 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15062 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10920 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
8950 views comments | 14 tweets | 28 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job