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Metro Bank is taking on HSBC, Barclays, Lloyds, Santander, RBS, says Vernon Hill | City & Business | Finance

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The Metro Bank founder said London remains a “boomtown” since last year’s vote to leave the European Union.

Mr Hill told Express.co.uk: “I haven’t seen any decline in the business climate.”

The Brexit vote and election of Donald Trump were part of the same phenomenon against the engrained, according to the American businessman.

And Metro Bank is also a “disruptor” taking on Britain’s biggest bank providers – Barclays, Lloyds, HSBC, RBS and Santander, Mr Hill said.

His challenge to the established banks started in 2010 with a slogan that calls on Britons to “join the revolution” and an aim to put customers at the heart of everything the bank does – or in Mr Hill’s words create “fans” of the company.

He told Express.co.uk: “This clearly a different model and the customers have responded to it – we’re actually nice to them!”

The chairman added: “The British banks have had a cartel going here for 40 or 50 years and their underlying philosophy has been: we’re doing you a favour by letting you bank with us.”

Mr Hill, who previously started Commerce Bank in the US, said the Britain’s high street giants have not changed in the seven years since Metro Bank has launched.

He said: “They take you for granted. Metro Bank is completely the reverse of that, it’s about service, it’s about convenience, it’s about killing every stupid bank rule you can find.”

Customer is king both in branch but also through Metro Bank’s mobile and digital offering.

But the big banks’ struggle to compete because of their ageing technology, according to Mr Hill.

He said: “The problem with the banks in Britain is their IT systems are 50 years out of date – they’re antiques.

“And when you have out of date IT, that maybe can’t be fixed, you can’t deliver service even if you want to.”

Metro Bank doesn’t aim to offer the cheapest products, but Mr Hill believes customers value service and experience above price.

He said: “We don’t compete on price – we’re fair, but we don’t compete.”

And the proposition appears to be working, Metro Bank now has 1.1million customers and almost 50 branches.

More stores are opening outside of the South East, with 10 to 15 to opened in the Midlands over the next two year – by 2020 Metro Bank aims to have more than 100 outlets.

Mr Hill said: “If we’re not in your town – we will be soon.”

The are designed to be open and transparent, with glass fronts that are more like supermarkets than traditional bank branches.

Opening hours are until 8pm on weekdays, staff are not kept behind glass fronts – and dogs are welcome.

Mr Hill said: “The banks won’t let you bring your dogs in, for some unknown reason. We want your dogs in – the customers take that to mean: if you love my dog, you must love me.”


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