PBF Solutions helps Challenger Bank Masthaven to Raise £165m in Savings Deposits

Financial technology and marketing services specialist PBF Solutions has announced that its marketing partnership with Masthaven, the UK’s newest challenger bank, has helped the bank successfully attract over 4,000 new customers and nearly £165m in savings deposits since its launch on 28 November 2016.

Masthaven offers ‘human digital banking’, with a 100-strong team supported by leading technology.  The bank first partnered with PBF Solutions in 2015 whilst applying for its banking license and putting core systems in place, including its back-office processes and customer-facing aspect.  PBF Solutions has helped the bank raise deposits from online savers with pricing recommendations and product distribution across a broad range of digital channels.

Richard Owen, Chief Marketing Officer at PBF Solutions said: “Savers want to make their money work harder and Masthaven has launched with a range of innovative savings products supported by first class customer support. Its success in raising nearly £165m in savings deposits over just three months is testament to its approach of putting the customer first.  We are delighted to be supporting the bank with developing competitively priced products, a compelling customer journey and building its online brand in the UK savings market.”

Jon Hall, Managing Director at Masthaven said: “We know everyone has different financial needs and that’s why we are providing products that our customers want, not just products that banks have always had available.  Our unique blend of human digital banking combines intelligent people who really care, with technology to ensure both customers and brokers can interact with us in the way that suits them.”

Established in 2013, PBF works with new entrant challenger banks and overseas banks either entering the UK retail banking market or diversifying distribution. To date it has helped institutions attract over £2.6 billion in savings and investment deposits, processing over 140,000 customer applications through its online customer acquisition platforms.

 

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