Meet the business bank that’s bringing back the relationship manager

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Allica Bank is a Business Reporter client

The UK’s established small and medium-sized business community – typically those with up to 250 staff – are the beating heart of the British economy. Responsible for more than 30 per cent of the UK’s economy and employment, it is also a hive of innovation, growth and opportunity.

Yet they’re being let down by the high-street banks. Ten years ago, these businesses would have had the support of a relationship manager. Someone that knew them and their business, and that they could visit in their local bank branch for help. But these branch networks, built on now-obsolete legacy technology, were costly to maintain. The result is that in the past decade about 5,000 local bank branches – and, with them, thousands of local relationship managers – have been stripped away.

Instead, businesses owners now wanting to talk to their bank are left to be bounced around faceless call centres, speaking to people that don’t know their area, let alone their business.

And let’s not forget, these businesses are being charged a wide range of fees by high street banks just to have a bank account.

This shift has created a drought of financial expertise available to the established business community. A relationship manager can provide guidance on how to make a strong application for a loan, or even point a business towards a product that they may not have even known existed.

Access to a relationship manager can be the difference between a firm taking advantage of an opportunity or missing out on one. And, at a time when businesses are still readjusting after the pandemic, facing rising energy costs and inflation and adjusting to life outside the European Union, this kind of expertise couldn’t be more crucial.

A bank built for established businesses

This is why we built Allica Bank. Launching in 2020, our mission was to create a bank designed especially for the needs of the established business community. Built on modern technology, we give every one of our customers access to an expert relationship manager, and back it up with a smooth and speedy customer experience.

And, of course, we don’t charge businesses for having a business account. We’d rather reward customers! Our current account has no monthly fees and pays up to 1.5 per cent cashback on card spend, and our savings accounts pay interest rates that can be more than ten times what the high street banks provide.

So far, it’s proven to be incredibly popular. We’ve lent more than £1 billion to established SMEs through our commercial mortgage and asset finance products, and have more than £1 billion saved with us. We’ve had some great customer feedback, an “Excellent” rating on Trustpilot, and have been voted Business Finance Provider of the Year at the 2022 British Bank Awards.

At such a pivotal time for British businesses, it’s vital they have access to the expertise they need to succeed and prosper. I’m proud that now, through Allica Bank, they have that opportunity.

If you’d like to speak to an expert Allica Bank relationship manager, then one of our team would love to speak to you. Give us a call on 0330 094 6666 or email hello@allica.bank. Alternatively, find out more at www.allica.bank.

Originally published on Business Reporter