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fter the 2008 financial crash, the reputation of the banking world took a battering, although new banks on the high street such as the Metro Bank in the UK, are putting a smile back on the face of the industry. Founded in 2010 by American entrepreneur Vernon Hill, Metro Bank has become the UK’s first new high street bank in
a century. Hill created the Commerce Bank in the United States, which he eventually sold for $8.5 billion in 2007. His British project succeeded due to a customer service based model, a new kind of bank which did not exist in the UK. The gap in the market was there to pounce upon. Up to now, there are 35 Metro Bank branches.
The approach of the Metro Bank is centred around convenience for their customers. At present, it is the only bank where you can open an instant account, allowing customers to walk in and out of a branch with a fully functioning account. A process that can be completed in as little as 20 minutes. Other initiatives include safety deposit boxes that can accessed seven days a week and 24 hour properly staffed contact centres. And, a mobile app which
gives customers the option to temporarily block and unblock their cards via their phones. Quirky services are also part of the customer service equation, with baby changing facilities available, alongside coin counting “magic money” machines. There is even a service for dogs, where customers are allowed to bring their canine friends into an outlet for water and treats, with some stores going as far as offering a free dog micro chipping service. A Metro Bank spokesperson enthused: “Based on the principles of a retailer that happens to be a bank, Metro Bank is com-
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Jul - Sep 2015 International Finance Magazine