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Looking back at our first month
We interviewed Alice Altemaire, our CFO, and asked for her thoughts on the first month of RCI Bank.

So, it's been one month since launching RCI Bank, how has it been?

What a month. It was always going to be tricky being the new bank on the block, but we've been overwhelmed by the response and warm welcome we've had since launch on 8th June. We have seen a real appetite for our new style of banking and straightforward savings account.

 

After months of sheer hard work and preparation from all the team here, it has been great to finally meet our first customers and see the enthusiasm and excitement around the account we built. Good to know the energy, effort and long days paid off.

 

Was the launch stressful?

I'm quite a calm person, even in very busy situations. We had lots of new developments planned in June and that meant it was particularly busy so we kept focused on the things that had the greatest benefit to customers, which reassured me. I felt a bit like a duck in the pond during launch: very calm on the surface but if you looked under water, the legs (and the mind) were going at speed.

 

My husband and children have also been very supportive and excited about the launch, which helps a lot.

 

In your opinion, what is the best way to switch off and relax?

I guess it is very different for everyone. I do like a cup of tea and a good book.

 

Are you happy with the launch?

We're delighted with the launch. Our online bank has shown to be solid, secure and reliable and the support team are thrilled with the positive customer comments - it's exactly the kind of experience we planned. Most customers open an account 100% online without any paperwork at all, which we're very pleased with.

 

The first few weeks tells us that there is a lot of interest in the UK for banks like ours offering something genuinely different to customers. A lot of the national press tiles have mentioned the launch, most of them mentioning that what we're doing is new and unique and I don't know of a best buy table that we're not featured in. The launch has given us the motivation to move fast ahead and start thinking about what other type of accounts our customers might enjoy.

 

What has been the feedback from customers?

Consumers want their easy access account to be just that, easy. That was our single-minded focus. With great service, no gimmicks, no fees, no penalties, no small print, our Freedom Savings account is simply a great account, with a market leading rate. UK savers have responded to that and the feedback has been fantastic - we've attracted more customers than we were expecting. We're humbled that RCI Bank has been welcomed so warmly and has even been described as a "breeze" by our customers.

 

What difference do you think RCI Bank has made to the market?

Our aim is to offer a genuine alternative for UK savers which is distinctively different to the large banks and being described as 'the engine of change' by one newspaper, there's no pressure! Our experience in other countries has given us confidence in our model and our brand but, as a conservative business, it's not in our nature to look to 'disrupt'. However, the very nature of our accounts and best buy rate means that others will sit up and take notice. The market will be forced to compete with us - which is great news for savers.

 

How has the landscape changed since launch?

After years of being relatively flat, the market has finally started to evolve. Savings rates are becoming more rewarding which will allow customers to become increasingly demanding when it comes to choosing a savings product. Our simple, secure and customer-focused accounts seem to be able to cut through the noise.

 

What's next for RCI Bank?

We want to continue to lead the way; simplifying the savings market through rewarding our customers with the best rates and offering 'stand out' accounts. Very soon, we will be adding extra accounts to our portfolio. RCI Bank is here to stay. Stay tuned.

 

How do you see the industry evolving?

The new and ever evolving technologies provide a great platform for new entrants in the retail banking market. It creates an opportunity to offer saving products where they couldn't before.

 

Every industry is challenged by new technologies as it gives the opportunity to enhance the customer experience, making it easier, more engaging and more enjoyable. The traditional banking model is evolving that way but also, the customer now expects excellence in the relationship with its bank - they don't want to spend ten minutes waiting to talk to an advisor on the phone, or having to navigate in dozens of web pages before finding the relevant information. Not only this but technology can help us understand our customers better and keep them happy.

 

What are your favourite tech gadgets?

Last week, I got a Google cardboard, and we had quite a lot of fun in the office on the roller coaster App. Like most people I do feel my smart phone is indispensable. We're in the digital age and I like to think I'm embracing it.

 

 

Alice Altemaire is the CFO of RCI Bank UK. Read more about her here.

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