PFB passes £2.6bn deposits milestone

MANCHESTER-based financial technology and marketing services specialist PBF Solutions says it has attracted more than £2.6bn in deposits and processed upwards of 140,000 customer applications in just three years for new entrant challenger banks and overseas banks.
 
The firm, which counts Axis Bank UK, State Bank of India and United Bank UK as clients has also this month supported the launch of two new bank brands to the market – Masthaven Bank, the UK’s newest challenger bank, and Zenith Bank UK.

PBF helps new-entrant financial organisations and challenger banks enter the UK market using its specialised online customer acquisition platform, which enables banks to attract deposits from UK retail customers while reducing the possibility of fraud, money laundering and risks from unreliable depositors.
 
PBF chief executive Kevin Mountford said: “Savers want to make their money work harder as high-street banks’ interest rates remain in the doldrums.

“The latest figures from the current account switch service show that there is greater awareness of switching services than ever before, with more customers switching accounts in 2016 compared with 12 months ago.

“PBF helps challenger banks make the most of this appetite from customers, 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 doubled revenue since 2013.”

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