Our Journey
Physical branches have fallen in numbers from 20,000 to just 5,000 today, this leaves a massive market gap to be filled by our proven business model. The opportunity and market goes far beyond people’s access to cash, and the impact of the branch closures in the UK. This is a global problem and opportunity where our own innovation created in the UK can scale well beyond.
A truly open framework channel providing multi-access from one single platform. A solid foundation and infrastructure of 400 branches across the UK, allows for continued innovation to bring further products, services, and revenue streams as part of our multi service pillar. This will lead to banxlocal.uk becoming a global and international player.
A three-pronged approach to ensure commercial viability, sustainability and scalability.
Providing access digitally and physically for deposits and withdrawals and products for all banking partners.
The open banking framework, allows banking partners to access via an integration layer to a centralised banking core - supported by manned branch terminals and a customer App. Rest APIs and software as a service solutions, provide all regulatory reporting, client due diligence, KYC and financial crime. Artificial intelligence and machine learning, make for a complete data driven 360-degree view allowing for better informed decisions.
The centralised core banking system (CBS) is the foundation of banxlocal.uk’s central services. The CBS will enable the business to run its daily operations integrating directly with SaaS providers and partner banks via rest APIs where available.
Managing customer information such as names, addresses, contact information, account numbers, and account balances.
Maintenance of records of deposits, withdrawals and transactions related to partner bank accounts.
Storage and retrieval of customer document including proof of identity / address, source of wealth, account statements, and legal agreements electronically.
Financial crime prevention and detection through KYC checks, AML related transaction monitoring and fraud detection.
Generates reports and provides analytics enabling banxlocal.uk to make informed decisions about operations, customer behaviour and financial performance.
Supporting the customer branch experience through a combination of customer service terminals, kiosks and digital displays.
Banxlocal.uk terminals providing dashboard views aggregating customer data from multiple sources including account balances, document management and client due diligence.
Manage the client onboarding journey, seamlessly handing off between banxlocal.uk app and branch.
Customer kiosks providing access to account information, payment options and savings opportunities together with ATM facilities for partner bank cash deposits and withdrawals.
Customers can speak directly with partner bank customer service representatives via banxlocal.uk private call booths.
Real-time digital displays managed from the central services detailing savings product offers from partner banks.
The app contains biometric identity verification which will be the primary mechanism to carry out in-branch identity verification. This includes voice, face and fingerprint recognition.
Feature rich Super App offering access to all services including payments, savings, loans, currency exchange and much more...
See your savings, loans, current accounts and transactions side by side in a secure and independent platform.
Leveraging open banking apis, the banxlocal.uk app will provide customers with a portal to see and manage all their partner bank accounts in one place.
Integrating payments, including foreign currencies, using open banking payments technology, the app will provide a cheaper and faster alternative to traditional card-based payment methods. No card reader fees. No scheme fees. No insufficient funds failures. No chargebacks.
The app will provide customers with access to the ‘banxlocal.uk market’, a consolidated view of all available savings accounts, lending options and insurance products from which the customer can commence account opening seamlessly.
Banxlocal.uk will use the app as the primary mechanism to carry out in branch identity verification via a combination of push notifications and advanced biometrics already built into modern smartphones.
The app to branch experience will be seamless. Customers can commence account onboarding in the app before handing off to customer services agents in branch.
Onboarding documentation then can be signed for digitally by the customer before being sent to partner banks for processing.
Executive teamCompliance legal teamIT teamHRFinanceMarketingStrategyLegal and Regulatory
Locations across the UK to be announced.Core services delivered including; Savings, Loans, Wealth Management, Foreign Exchange and InsuranceBranch support and servicing teamFurther service provision across lending and savings marketsDevelopment into European marketsMultiSERVICEMultiACCESSMultiBRANCH