We have re-engineered business banking and payments and re-purposed the way they work. UK business can now start to work with us in exactly the same way as their bank. They use our sort code, they have their own account number, they do Faster Payments and can support a customer that needs to pay them with a Visa or MasterCard.
To us it’s all the same: it’s one solution that fully consolidates core business banking services, simplified by operating a single self reconciling account and then we reward our customers. Our pricing resembles a mobile phone plan and we are offering 1% interest on business current accounts.
The £1bn of savings is also there, free cash flow waiting to be used. To help that get circulated, we even managed to get CASH (GB 2L) as our Swift IBAN. I know that this sounds like a sales pitch but to explain what we have done means I have to explain it...so sorry!
We do know already that we can generate additional cash flow of approximately £1billion from money that is already being spent on paying for financial services today.
How do we know this? Because businesses are using our CashFlows calculator right now to find out for themselves. That money can be recycled and re-invested into the economy to help move businesses slowly forward.
We do know that according to data from HSBC and the Ernst and Young Item Club that the pinch point between UK inflation and wage increases is closing and, if current trends persist, will collide in Q2 2013. We also know that SMEs have to dig us out of the hole (taking us to 2017 at least) but if the collision does occur within 2 calendar quarters, the game is back on!
I forget to mention the bungee cord we are attached to and so we are still bouncing around a bit and will soon settle down. If and when we do, every penny that we can recycle back into our economy is really going to matter.
We didn’t launch a bank today but we copied Michael Dell. He didn’t invent computers but addressed the supply chain, re-designed it, got cost down and shared the benefits with his customers. As the Nationwide TV ads say, everyone needs banking, but not everyone needs a bank and in 6 months time we will see where we are.
What we do know however is that we have already helped some business find free cash flow in their business today, and it wasn’t achieved using the old financial wizardry that got us in this mess either!
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