GBB is a new bank with a mission. It aims to transform the property sector outside of London by giving property developers and small construction companies the finance and support they need to develop commercial and residential projects.
It says that technology will help it transform the traditional relationship between the bank and the customer. Steve Deutsch, CEO at GBB, said: “It is liberating to start with a blank sheet of paper. Many high street banks are creaking at the seams with legacy systems that aren’t fit for purpose and certainly aren’t built around the customer of tomorrow.
“Technology will transform the relationship between banks and their customers and the emerging fintech sector is already redefining people’s expectations. At GBB we have the opportunity to build an eco-system of the best fintech available to make it enjoyable to do business with us.”
The new bank will use the latest anti-money laundering and fraud management tools, along with integrated data to allow customers to open a savings account at the click of a button. It also claims it will be able to cut the amount of time it takes to make lending decisions to a matter of days, in stark comparison to traditional banks.
Deutsch continued: “Perhaps unlike some of the emerging internet-only banks, we will use technology to help our colleagues to form close relationships with customers. They will be empowered with a deeper customer view and the tools to create better customer experiences.”
Property developers seeking finance for schemes will have access to a regional network of experienced relationship managers who will take the time to understand their business and local market. More flexible lending criteria will be key to super-charging regional development.
GBB says it was inspired to launch the new bank by the lack of finance for property developers in the North East. It saw ambitious schemes flounder for the lack of finance. It says lending rates will be significantly lower than those available from alternative non-bank lending sources.
Deutsch said: “We know we are meeting a clear need in the market. The UK isn’t building enough houses and the government remains committed to addressing this. SME property developers, in both the commercial and residential sectors, simply aren’t getting the finance or relationship support they desperately need. We’re going to change all that.
“We want to be a power for good and make a difference in the community. Here is an opportunity to raise the bar for everyone in the sector and the wider general public.” GBB believes the banking sector is ripe for disruption and the opportunity sits with combining the best of both worlds with the latest technology and experienced bank managers with time to understand their customers.
For more information, please visit www.thegbb.co.uk
