With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
As a result, Specialist Banking has compiled a list of some of the latest banking products, from mortgages and saving accounts to cryptocurrencies.
In January, challenger M&S Bank entered the mortgage market and launched a range of first-time buyer products, which include ?£1,000 cashback and a free valuation.
The larger bridging loan products offer a maximum loan size of ?£5m with rates starting from 0.48%.
Gary Wilkinson, CEO and co-founder at Redwood Bank, also revealed that it was currently considering the launch of bridging and refurbishment commercial mortgages.
Towards the end of 2017, mobile banking platform Revolut added a new feature to its mobile app which enabled customers to buy and exchange three major cryptocurrencies.
Customers can buy, hold and sell bitcoin, litecoin and ethereum with any of the 25 base currencies offered on the app.
With the current buzz around cryptocurrencies, it wouldn't be surprising if other banking platforms attempted to make cryptocurrency trading more accessible.
Business current accounts
Countingup recently launched its mobile-based business current account to sole traders, freelancers and contractors at the top of its waiting list.
Tim Fouracre, founder and CEO at Countingup, said: â€œCountingup believes that every small business should have their accounting and banking in one place.
â€œIt's the simple way to run a business.
â€œFollowing the launch of our free business banking app in January, we will be rolling out a number of accounting features this calendar year, including the functionality for three million self-employed sole traders in the UK to submit a tax return.'
Business savings accounts
Virgin Money recently launched a new instant access business savings account for SMEs.
Virgin's offering allows businesses to save between ?£1,000 and ?£1m with a rate of 0.6%.
Value could be found in businesses turning to challenger and specialists banks for savings, assuming they can overcome their inertia.
SynerGIS Capital has revealed that it will be launching its first public offering of one- and two-year fixed rate bonds, as well as an Isa wrapper option.
â€œWe aim to differentiate ourselves from riskier P2P lenders by limiting the use of funds to a diversified portfolio of secured asset-backed lending opportunities focused on commercial property, government and local authority development and infrastructure projects, trade finance and other asset-secured opportunities,' said, John Gunn, executive chairman at SynerGIS Capital.
London is the biggest sharia financial centre in the world for commercial finance outside of the sharia countries, according to Charles Haresnape, CEO at Gatehouse Bank.
As a result, Gatehouse Bank plans to launch sharia-compliant 'home finance', alongside its current buy-to-let offering.
To support the expansion of its product range, the bank recently opened a new customer service centre in Milton Keynes.
On Tuesday (20th February), the London-based fintech Soldo integrated with Starling Bank.
Business users will therefore be able to automate sending company money and receiving payments.
Julian Sawyer, COO at Starling Bank, said â€œSoldo had already achieved an incredible feat by innovating the way in which businesses can efficiently manage their cash flow and with the integration of our payments technology, [it has] raised [its] value proposition to another level.'
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...