Financial technology and marketing services specialist PBF Solutions has attracted over £3.1 billion in deposits and on-boarded over 150,000 customers in just over 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 and Bank of Cyprus UK and United Bank UK as clients, has also over the last six months supported the launch of two new banking brands to the market: Masthaven Bank, one of the UK’s newest challenger banks, and Zenith Bank UK.
Kevin Mountford, CEO of PBF Solutions said: “As UK interest rates remain at an all-time low and with rising inflation, savers are keen to make their money work harder. PBF helps challenger banks make the most of this appetite from savers 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 raised over £500m in new savings in the last 5 months.”
PBF helps new-entrant financial organisations and challenger banks enter the UK market and attract savers using its specialised online customer acquisition platform, supported by digital product distribution services to drive product awareness and deposits. The platforms, which feature an integrated on-boarding and screening process for online applications, are built on the firm’s in-depth understanding of the user experience and are designed to improve click-through rates, completed applications and accounts funded.