Small Banks
In the era of the mega bank with global presence and a vast range of services, there are still some who neither have nor want the scale of the large, increasingly impersonal banks and lenders.
There is still room for the “old fashioned” approach of personal service, simple products and happy customers who are known by name not just their account number. In the UK today that sector is rapidly expanding with the arrival of many new players, some niche, some aiming to challenge the hegemony of the established major players who no longer have such customers as part of their strategic direction.
Small size, big impact
If you are such a company, be it a private company, or a PLC, you may find yourselves overlooked or badly served when it comes to technology. You may find that systems designed for thousands of users and maybe even millions of customers are overkill if you only process a few thousand loans or open a small number of accounts each year. Choosing the right technology provider becomes even more crucial so you get the capability you need, start small but are supported as you expand.
Tune the tech to your needs
The relentless march of such technology can also draw customers away from your offerings as they start to value convenience of a personal, digital approach over the in -person experience in a branch, or online, however nice the staff are. Trying to adapt large scale IT to a small scale bank brings challenges you can do without. But small-scale products that only stay small can also hold back your growth. Flexibility, adaptability, interoperability should be your watchwords. Best of both worlds? Yes please.
