BFC Bank, owned by BFC Group, is the latest bank to launch in the UK promising to act as a new, specialist bank that offers reliable, safe banking services to Small and Medium Enterprises (SME’s), Payments Service Providers (PSP’s) and Money Service Providers (MSP’s) that trade internationally.
BFC Bank makes it clear that it has a 100-year history and is not a so-called Challenger Bank. Rather they have entered the market to service the 60% of SME businesses that make up the back bone of the UK market. The purpose of this entry is to advantage of the “De-risking” that many of the UK’s High Street banks implemented over the last few years.
In the process of De-risking the banks left many SME’s, PSP’s and MSP’s without accounts to provide their services from. Essentially these companies were notified that they had 3 months before their accounts were closed.
BFC Bank sees a massive opportunity to services these clients whom remain underserved by the banking industry through De-risking. “Banking is full of rules and regulations. It’s become too easy when banks have to deal with customers to hide behind these regulations rather than actually solving problems,” explains David Price, CEO, BFC Bank.
“We help small businesses find ways to solve problems. We’re a small business ourselves – we think like they do, and in many ways, we are one of them. We make it clear that we want people working for us who don’t just deal in platitudes, who don’t only speak about putting the customer first – we want to actually do that, to think about how I’d want things to go if it were my business. We don’t hide behind regulations. We are a human-centric, values-driven company.”
Working with SME’s – BFC Banks international payments services complement the existing banking arrangements. SME’s can enjoy an online services and support from experienced relation managers and expert payments teams
Working with PSP’s – BFC Bank knows how important it is for PSP’s to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to PSP’s.
Transparent FX – BFC Bank knows about FX charges. It provides clear information on tariffs. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers. International payments and FX are BFC’s core competencies.
“We’ve grown from a small business and therefore we have empathy with the small business sector. The UK is a trading nation where SMEs play a vital role and they needs banks that can understand them, made up of staff that can deliver,” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.
“We are secondary bankers – we have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationships management and customer service mechanisms are vital. Our people will come to visit you and get to understand your business. If we don’t deliver then people won’t use us, and we understand therefore that we always have to deliver.”