B Bank: the future of banking?

Launched in April, B Bank already seems to have the potential to punch above its weight.

B Bank: the future of banking?

Powered by Clydesdale/ Yorkshire Banks and backed by CYBG’s first-ever UK-wide marketing campaign, the new digital banking sub-brand has big plans and ambitions. 

Regular updates to its app, service and product improvements, innovative use of biometrics and partnerships with some of the UK’s best known and loved brands are just part of the new B Bank blueprint.

At first glance, B Bank could be mistaken for a copycat of a typical fintech company trying to compete with big institutional banks by offering digital banking services to consumers. Indeed, B Bank offers conventional banking services such as current accounts and savings accounts via the digital medium of a tablet or compatible smartphone (the new iPhone SE included).

However, take a closer look and delve into the inspiration that brought B Bank to life, and one finds  several perks that make it stand out from the crowd. Opening a B account means customers are equipped with clever tools to help budget their money more effectively as well as having access to Clydesdale and Yorkshire Banks’ branch network.

Helen Page, the Chief Marketing Officer at Clydesdale and Yorkshire Bank tells RBI:  

“As we were developing B Bank, inspiration was taken from brands that were dynamic, customer focused and active on social media. These brands included the likes of Uber, Google, Airbnb and Apple“.

She adds that the core message B Bank wants to bring to attention is that it “does not look like a bank, feel like a bank or sound like a bank.

“B Bank was built on what customers had told us they wanted as opposed to what [B Bank] thought [they] could build for them. B Bank aims to be more visionary and offer the best customer service through its intuitive app that shouldn’t require a lot of thinking”.

B Bank’s innovative app is available to all eligible UK residents, offers competitive interest rates, ensures that funds can be transferred within 20 seconds and is connected to a dedicated 24/7 call centre.

To help the consumer budget and save more efficiently, it tags the consumer’s spending into different categories to give a clear picture of how and where the consumer spends. The app also allows the consumer to open as many “saving pots” as they like, each with a different target amount.

To ensure the consumer does not lose track of its spending, the B app can send alerts when customers are running low on money and, if the “sweeps” feature is activated, money can be transferred from a savings account to a linked current account automatically.

To make sure the customer’s data is secure, B has two factor authentication with a pin code or a touch code on the device followed by a 6 digit pin code on the app (which will become touch ID in the future).

The app doesn’t stop there. With hundreds of prompts in the system, the B app will also show a different tip, insight or story with each log in.