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

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

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

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.