‘The Bank’ has been a linchpin of the economy since the Roman empire, intended to act as a trusted intermediary that contributes to developing the economy by facilitating business. But in our increasingly consumer-driven economy the days of elite, monolithic institutions holding power over governments, business and individuals is coming to an end.
The de-regulation of the UK financial services sector in 2008 led to the first release of new banking licenses. Shortly after we saw the rise of Metro Bank – the first new bank in over 150 years. Consumers embraced this new style of bank and fuelled the growth of the industry so that today, despite varying definitions, we have twenty Challenger Banks in the UK.
Conventional wisdom advises that business can only compete on three levels;
1. Being market leading
2. Being low cost
3. Being customer centric
Currently traditional banks are still market leading – they have majority market share and the broadest range of products. But Challenger Banks challenge by being both lower cost and more customer centric. They keep their costs low through better operational efficiency and they achieve real customer centricity by offering access, flexibility and transformational customer experience.
How do they do that? Westbrook Wisdom™ has invited Anthony Thomson, previously Founder and Chairman of Metro Bank and Atom bank, two of the most successful Challenger Banks in the UK, to share his experiences.
On November 25th Anthony will be joining Ambrose McGinn, Chief Executive Officer at Westbrook and a former Retail Bank UK Board member & GM with Santander to discuss how Challenger Banks are challenging. Anthony will share insights and experiences not only from his time in the UK, but also from his subsequent roles on the advisory board of the first mobile back in the Middle East, ila from Bank ABC and most recently as co-founder and chairman of 86 400, Australia’s first smart bank.
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