B, a new digital banking service, is set to challenge traditional banking services by aiming to transform the way its customers manage their money.
Launched on Tuesday, 3rd May, B brings together a digital platform built specifically for tablets and smartphones, a suite of new products, customer driven design and the support of over 175 years of banking history to deliver a service that lets customers take control of their finances at home, at work, or on the move.
With more than 10,000 potential users at the centre of the design process, B is simple, intuitive and created to make everyday banking that bit easier. The B app, around which the wider proposition is built, takes its inspiration from the very best lifestyle and health apps rather than the more sterile fare on offer from the traditional banking sector. With a range of interactive tools designed to help users take control of their money, B aims to take the fear out of finance and help people enhance their lives without compromising their lifestyle.
The customer research showed that they believe banks generally have failed to grasp technology effectively. B changes that. After two years of development and extensive customer testing, B represents a step-change in the way banks address and respond to customers’ needs.
Helen Page, Customer Experience Director, said:
“It was crystal clear from our research that people want something a bit different that is more intuitive and that helps them run their lives. They said they wanted their bank to take the hassle out of money and make life a bit easier. We listened, learned and took their advice throughout the process to create B – a product designed by customers for customers.”
“B represents a challenge to other banks and, most importantly it’s ready to go now, based around an app that has been extensively trialled – we know it’s what people want.”
Powered by Clydesdale and Yorkshire Banks, B is available on both the Android and iOS platforms, but there’s more to B than a friendly interface. Along with functions that let users set up savings pots, tag and track spending or automatically sweep cash between current and savings accounts, it also “learns” as it is used.
By analysing users’ spending, B can spot where they might have extra cash left in any month, or let them know that their finances might be a little tighter. And it won’t stop there. B will offer helpful tips and easy-to-follow advice and information so that users get the most out of their money. The more B is used, the more it learns and the more it will tailor information to each customer’s needs.
B’s Key Features
- App available for Android and iOS devices
- Free for the first year, then £2 per month
- Account opening online, in branch or over the phone
- B Current and Savings Accounts available from launch
- Savings goals, planning and budgeting tools
- Balance sweep to B savings account or to B current account
- 2 day grace period on overdraft fees
- Multiple savings “pots” for different goals
- “Good to go” alerts – letting users know their balance will cover regular spending
- Hints and tips to help users get the most from their money
- Branch and telephone banking support
Helen Page added:
“B is about much more than banking. It’s a lifestyle app that gives you the power to control your money rather than your finances controlling you. Whether you’re saving for a holiday, or simply making sure you know when your bills are due, B can do that from the palm of your hand. B will tell you right there and then whether you’re good to go when you see that must have jacket or pair of trainers.”
Initially, B will consist of the B app, the B Current Account and a B Instant Savings Accounts, with other products in the pipeline. In addition, users will be able to manage not just their B accounts within the app but also any Clydesdale or Yorkshire Bank accounts, including the option to offset savings against a mortgage.
Unlike some other digital banking services, users will have the back-up of the Clydesdale and Yorkshire Banks’ branch network, and a dedicated Freephone UK call centre for any queries or transactions they can’t carry out online.
B will be supported by a fully integrated multi-media advertising campaign that will encompass print, social and broadcast media. A new “B” TV ad will appear on screens this summer.
Customers can get more detail on B at www.youandb.com, or at any branch of Clydesdale and Yorkshire Banks.
|Account Fee||Free for first 12 months then £2 per month|
|Credit Interest – Current Account||0.5% up to £2,000 – 0% thereafter|
|Planned Borrowing – Fees & Interest||12.5% EAR
£6 per month with £25 buffer and 2 day grace period
|Grace period||2 day grace period on planned & unplanned borrowing|
|Unplanned Borrowing – Fees & Interest||£6 per day with £10 buffer and 2 day grace period
Returned Item Fee – £15
|B Instant Savings account||Pricing|
|Credit Interest – Savings Account||1% on all balances|
|Instant Goals||Unlimited instant goals setup|
- HSBC Launches “Connected Money” App (May 9, 2018)
- Mobile #1 Channel For First Direct Customers (November 10, 2018)
- Banking Apps “Save Brits Average of £173 a Month” (April 13, 2021)
- first direct Partners With Financial Platform Bud (October 19, 2017)
- Monzo Killing Off Its Prepaid Cards (January 23, 2018)