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A Brand New Bank

I've been blogging for a while about Vernon Hill's new bank.  Vernon created Commerce Bank in the USA, which revolutionised retail banking there.  He's now got the green light to launch Metro Bank in the UK.

The aim is to launch on February 15th, which is why the flagship branch in Holborn has this wrapping:

Metro 

Can't see it?  Look closer …

Metro-Bank-001

"Love your bank" … that's a different sentiment to marketing a bank these days and, bearing in mind that February 15th is the day after Valentine's Day, you can see the logic of launching then.

The new branch is one of four Metro will open in London, and will have the usual Vernon magical elements including the massive change machines in the front of branch.

Commerce Bank 

In fact, expect many of the Commerce Bank style innovations at Metro Bank.

This has been a long time in the making, as I first heard about it back in summer 2008.  The challenge has been to get the banking licence, and the FSA plays hardball on this stuff.  They've been particularly stringent on Metro Bank's choice of management team and non-executives, but they appear to finally have it sorted out and approved.

Oh yes, and in case you're wondering, they are using core software from Temenos (Tesco has gone with Fiserv).

All good stuff and watch that space.

New bank Metro just wants to be loved – Guardian

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • I walked past that yesterday! I wondered what that was.
    To be honest I’d be more impressed if they’d written “We’re open after 6pm” across the front though 🙂
    The UK consumer is not short of brands that want to hug them and be their special friend!

  • It will be interesting to see how new banks and Payment Institutions like Metro Bank make the most of their opportunity to start with a clean ‘technology’ slate. We’ve seen that there are huge savings to be made in IT budgets by taking an axe to the countless duplicated systems that lie across a bank’s infrastructure. An additional, welcome benefit has been that consolidated systems presenting consistent customer information improves customer satisfaction.
    What will be even more fascinating to watch is how the ‘traditional’ banks will rise to the challenge, as rise to the challenge they will. Those that are prepared to take the initiative and consolidate their IT systems to break down silos and improve efficiency will be able to provide as personalised an experience as any new bank. In fact, the emergence of these entrants on the banking scene could actually give existing institutions the impetus to make the difficult but achievable changes they need to make – namely cutting IT spend and providing their customers with higher level of service.