Founded by two military veterans, Tom O'Brien and Mike Jenkins, and joined by well-respected banking professionals including David Hodgkinson (formerly HSBC and Chairman of Allied Irish Bank), ‘The Services Family’ is based on the strong culture and behaviours of public and military service. The business will initially offer tailored products to armed forces personnel, veterans and their families – groups with high mobility who have traditionally faced difficulties in gaining full access to financial services.
Transparency, fairness and service will be underpinned by an affinity-based approach, supporting their community, and this new way of banking will be delivered by a symbiotic combination of ex-military and professional banking teams who will embrace the very best of our military values, standards, service and sense of loyalty.
The Services Family Ltd has spent 2 years carefully researching and developing the business supported by individual experts and leading sector firms including EY Financial Services, CMS and The Services Family’s chosen digital partner, Sopra Steria.
The resultant design creates a customer friendly business employing leading financial practices as well as working from the start to minimise ‘build and run’ risks. A phased delivery approach ensures that we get our digital customer support services right from the outset. The plan progresses swiftly to our affinity group micro-business loans and home lending while the team work with the regulators toward a full deposit/banking license. The plan will allow regulated operations to start as soon as the necessary regulatory permissions are granted.
Commenting on the announcement Tom O’Brien, founding director and Chief Technology Officer said, “Our digital solutions, developed with our technology partner Sopra Steria, will not only make routine banking easier, they will also help our customers manage their finances and household bills more effectively, using practical payment technology, financial support software and leading technologies enabling services such as contactless payments.”
Michael Jenkins, founding director and Business Intelligence/Strategy Director, added: “People admire the straightforward, straight-talking and professional way in which the UK’s armed forces get things done. That’s why we are building a bank that lives the values of our service men and women and which meets the needs of all those who prize, champion or devote themselves to public service.”
Jenkins continued: "The support from veterans in the City has been particularly welcome and is testament to the ‘esprit de corps’ that military service creates. Working with the British Banking Association, EY, and CMS, we want to adopt leading standards of professionalism and behaviour in our staff. We are now building the teams who will develop and deliver the initial services concurrently with the application process. We will make further announcements in due course to provide updates on our progress and we look forward to launching our first services later this year.”