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6 December 2016 – Financial technology and marketing services specialist PBF Solutions has announced that it has attracted over £2.6 billion in deposits and processed over 140,000 customer applications in just three years for new entrant challenger banks and overseas banks either entering the UK retail banking market or diversifying distribution.
The firm, which counts Axis Bank UK, State Bank of India and United Bank UK as clients has also this month supported the launch of two new bank brands to the market: Masthaven Bank, the UK’s newest challenger bank, and Zenith Bank UK.
PBF helps new-entrant financial organisations and challenger banks enter the UK market using its specialised online customer acquisition platform, which enables banks to attract deposits from UK retail customers while reducing the possibility of fraud, money laundering and risks from unreliable depositors.
Kevin Mountford, CEO of PBF Solutions said: “Savers want to make their money work harder as high-street banks’ interest rates remain in the doldrums. The latest figures from the Current Account Switch Service show that there is greater awareness of switching services than ever before, with more customers switching accounts in 2016 compared with 12 months ago.
“PBF helps challenger banks make the most of this appetite from customers, by delivering a service that drives awareness and makes the process of signing-up and making deposits as easy as possible. As a result of our continued focus on new-entrant banks, we have doubled revenue since 2013.”
PBF’s platforms feature an integrated on-boarding and screening process for online applications with embedded AML and KYC checks that enable applications and deposit processes to be completed in one session. This is supported by end-to-end tracking to monitor applications in real-time and facilitate continuous improvements in the user journey.
The platforms are built on PBF’s in-depth understanding of the user experience and customer journey, designed to improve click-through rates, completed applications and accounts funded. PBF also assists its clients on their digital marketing strategy, including managing online promotion activity and increasing brand awareness by positioning them on financial comparison and aggregator sites.
