The bank, which will be launched in Q4 2017, is designed to offer quartile business banking services to in excess of 700,000 UK-based Ethnic SMEs that have been previously underserved by traditional banking services.
Despite several attempts to overhaul and improve the industry, there remains major disillusionment from the UK’s SMEs towards traditional banking providers. Research published in February 2017 revealed that 47% of UK SME owners claim the business advice they received in the last 12 months from their mainstream bank had a negative impact on their business operations.
PCT’s cloud-based digital.VISION platform enables focused competitors such as ULUS to secure market entry and meet the specific consumer needs of segments such as the SME market within the highly-regulated banking industry, at lower costs. ULUS is the first challenger bank to provide a tailored business proposition to a specific community. The services proposition will include a multi-lingual user interface, role-based payment authorisation and mobile card acquiring.
Once the business’s UK model is successfully established, ULUS and PCT will expand their digital banking proposition into other European countries with significant Ethnic community representation. PCT has also been retained to provide specialist advice on ULUS’s application for a full banking license. Once granted, the license will allow ULUS to accept deposits and develop specialist business loans for its customers.
The partnership with ULUS builds on PCT’s expansion within the financial services market, having enabled the delivery of a digital bank on a national scale with An Post in November. An Post is Ireland’s largest postal service provider and is using PCT’s compliant bank.VISION platform to deliver banking-grade financial services to its 1.7 million weekly customers.
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