Challenging The Truths Of Small Business Banking

The small business (SMB) banking sector continues to endure seismic disruption from many angles. In the U.K., regulators are cracking down on big bank misconduct against small firms, while simultaneously exploring ways to inject competition into the sector via initiatives like the RBS fund. At the same time, small businesses are caught in the crosshairs of wanting digital services while continuing to value in-person interactions at the bank branch. Industry consolidation, and the refocusing of investments on digital tools, however, is shuttering bank branch doors, a signal to small business owners that they can’t have it all when it comes to banking. The bourgeoning challenger bank community in the U.K. wants to challenge that signal, though. AlbaCo is one FinTech hoping to emerge as an as-of-yet-unnamed challenger bank in 2020, according to Iain McBride, the company’s current program director and upcoming operations director (once the bank goes live).