Piloting the UK’s first white label multi-bank branches

Background

Three major UK Banks, with circa 70% of the business banking market share, formed a consortium to pilot a joint ‘white label’ branch for their business customers. Facilities, overheads and hardware costs are shared between banks.

Vaultex was selected to design, build and operate a number of sites for the consortium under the ‘Business Banking Hub’ brand. Each site contains a range of dedicated, white-label, self-service deposit and exchange machines for SME customers.

Approach

  • Project management

    Vaultex acted as the programme manager for the consortium, working closely with the banks to select locations, fit-out premises and provide concierges to assist their customers.
  • A bespoke IT solution

    Including identification & verification, APIs, settlement and reporting.
  • Procurement

    A comprehensive exercise to select the optimum hardware and software partnerships.
  • New software

    Conceived and built new methods of customer identification.

Customer Benefits


HUB Build: The hubs were built within budget, time and specification constraints.

Improved Level of Service: Providing an outstanding, improved level of service to the banks’ customers. Transactions were quickly processed via the UK’s Faster Payments system

Bespoke configuration of Devices: All device were configured to recognise each customer’s bank; displaying appropriate messages and branding. The banks were able to set deposit limits by product and by customer.