UK-based company iBAN has announced plans to launch money management app iBAN Wallet.
The app aims to bring together all the key banking services into one digital platform that can be securely accessed through a smartphone.
As well as moving money between accounts, iBAN also integrates a P2P crowdlending platform, whereby users can fund loan requests from other users and negotiate their own rates of interest.
Marc Hurr, co-founder and chief technology officer at iBAN (pictured above), said that it knew it wasn’t going to replace existing current accounts straightaway, so it made it possible for iBAN users to manage their existing accounts through the platform.
“There’s no reason we can’t replace everything banks do with technology, creating a decentralised banking system that will be fairer and more stable.
“We take great care with our investments, only putting money into projects that can provide both social benefits and make a return.
“That way, our customers know their money is going to good use and is earning a competitive rate of interest.”
In the future, iBAN plans to offer loan agreements in the form of smart contacts which use blockchain technology.
Marc added that with regards to savings and loans, banks earned huge profits as middlemen.
“That’s the business model we are aiming to disrupt.
“Crowdlending can offer better rates and terms for both savers and borrowers.”
The company expects the majority of its customers to be millennials and generation Z; younger people who are more comfortable with technology, but who feel let down by the existing banking system.
“I believe millennials and Gen Z, in particular, feel that the financial system is rigged against them,” concluded Marc.
“They don’t have the same financial security their parents enjoyed and many of them may never own their own property.”
iBan has already received over £100m in loan requests from six countries around the world.
iBAN Online Limited is an appointed representative of Resolution Compliance Limited, which is authorised and regulated by the Financial Conduct Authority (no. 574048)
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...
Secure Trust Bank ceases new mortgage lending
Secure Trust Bank has revealed that it has ceased new mortgage lending...
Starling Bank announces three new partnerships
Starling Bank has expanded its banking services offering with the introduction of three new partners...
Mortgage advisers forecast almost no growth in business levels in Q1
Mortgage advisers expect business growth of only 0.1% in in Q1 2019, according to recent research...
Fidor partners with Finn AI to launch AI-powered chatbot for banks
Digital banking group Fidor has partnered with banking technology provider Finn AI to launch a new AI-powered chatbot for banks...
Tesco Bank cuts mortgage rates
Tesco Bank has reduced rates across its residential mortgage range...