From around 2007 Aldermore Bank’s CEO, Phillip Monks, saw opportunities in the finance sector where many others were predicting grim outcomes.
No better time to start a bank
“The more that I was looking at how the financial crisis was unfolding, the more and more I was drawn to the plight of UK small and medium enterprises (SMEs) and home owners,” says Phillip, who eventually created Aldermore Bank.
Two things really dawned on me. One was that, for as long as I have been in banking in the UK, SMEs have said ‘the bank doesn’t understand me’ and I think the large banks have decentralised human interaction. They have it all automated and computerised and as a result the sort of expertise and intelligent sounding boards that SMEs required were disappearing. The second thing that occurred to me, quite honestly, was that the competition in the banking market was on its knees and probably would be for some time.
Phillip considered there would never be a better time to start a bank with straightforward service and a simple product. He established Aldemore Bank with backing from private equity company AnaCap Financial Partners in 2009 and the bank’s ongoing success proves he was on the right track. Looking back, Phillip says he never expected it to grow quite as fast as it has and he’s really proud to have built a sustainable business and developed the Aldermore brand.
“There’s a real robustness. This isn’t a promise of a bank, this is a very well-established bank now in the UK,” says Phillip.
Innovative IT systems backed by staff who provide intelligent customer service
Today, Aldemore Bank provides services in the key business areas of asset finance, invoice finance, commercial mortgages for SMEs, and residential mortgages. It offers a competitive alternative without a branch network so that it is free to serve customers and intermediary partners online, by phone, or face-to-face at 12 regional offices across the UK.
What makes Aldermore Bank different is its modern operational environment and lack of legacy systems, which make it an extremely agile and economically efficient business. Together with a genuine focus on providing excellent expert service to customers, flexible and innovative IT platforms have led to strong and sustainable returns for the bank’s shareholders.
“We compete with different players in different parts of our market so we certainly provide that excellence of customer service and ease of access.” Phillip says.