Lintel Bank could soon be the latest challenger bank to hit the UK with IT an important differentiator.
Lintel has secured the initial working capital to launch the bank and is ready to apply for a banking licence. It is currently going through the process of getting feedback from the Prudential Regulation Authority.
The bank’s creator, Nazzim Ishaque, said it plans to offer current accounts, mortgages, loans and more to small and medium-sized businesses. It promises to open a bank account for a British citizen in just two minutes.
IT is at the centre of its service with plans to use modern technology to make banking easier for customers.
The bank is likely to be based in London, with branches in the city initially before expanding to other areas.
Ishaque told Computer Weekly the company will use an off-the-shelf core banking system from a third-party supplier, with “user experience a priority".
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He added that Lintel is planning to use technology to give customers more services. For example, the bank wants to work with retailers to link accounts to loyalty programmes.
“We want to enable automatic discounts at the point of sale,” said Ishaque.
“One particular area of interest would be 'facepay', where a retailer would just recognise you and you would accept the transaction on your mobile phone instead of having to enter a PIN number."
The bank will also provide technology firms with a platform to offer financial services such as payments.
“We are keen to work with technology groups who are working in the payment space and/or looking at banks that will help them support their services, especially groups that are looking to disrupt the market," Ishaque said. "We are platform-independent and are looking to encourage innovation in this space.”
The bank also plans to have branches and telephone services. “We are as much digital as the other challenger banks but also provide a branch and telephone service to provide a quick and easy method of resolution of customer concerns,” said Ishaque.