A new digital-only bank, dubbed “this bank”, has entered the UK market, promising competitive savings rates and a customer-focused approach. The bank aims to cater to a diverse range of savers, from the self-employed to retirees, who may not fit the mould of traditional high-street banks.
“We’ve built this bank around people,” said Chris Waring, the CEO of the newly launched bank. “While we are technology-forward, our approach will always be customer-first. Our goal is to deliver sustainable value and a service that feels human, not transactional.”
The bank will not have any physical branches, but customers will be able to access support and customer service by phone, with employees located in London. This strategy is in line with the broader trend of declining branch networks across the UK banking sector, as financial services become increasingly digitalized.
“Our people-first approach means replicating the human-to-human connection you used to receive in your local banking branch, adapted to today’s times,” explained Waring. “We focus our people on ensuring our customer journey is as polished, easy and simple to use as possible. It is also about ensuring our customers are never more than one ‘selection’ away from a human being at our call centre – adequately trained, passionate and understanding enough to tackle the customer’s problem.”
At launch, this bank will offer savers a competitive 3.76% interest rate for an easy-access account, while fixed-term deals across one to five years will earn a stable 3.99% annually. The bank aims to remain consistently among the front-runners in terms of savings rates, rather than attempting to lure in savers with high rates that may later be dropped.
“We understand humans are complex – from the self-employed to the retired – not everybody fits in the ‘mould’ required by the high-street banks – that’s where this bank can help,” added Declan Halton-Woodward, the bank’s chief transformation officer.
The new bank effectively comes out of the UK arm of JN Bank, which has been sold, and has new leadership and investor backers. It is a fully licensed British bank.
