Start-up bank has a radical idea: thinking inside the box
Dave Burke is starting a new high street bank in an attempt to disrupt the banking status quo of branches closing and services moving online. This is an ambitious project, considering that it is hard to open any high street business, let alone one that requires a notoriously tricky-to-obtain banking licence. One of the few to have done so in recent years, Metrobank, has struggled, to put it mildly.
His project, NW Mutual, however, is different, aimed squarely at consumers outside London in Cumbria, Lancashire, Merseyside, Manchester and Cheshire, and purposefully modest. It wants to take only 2 per cent of current accounts in this region and 5 per cent of business accounts, ultimately opening 60 branches. If its licence application goes well it hopes
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