Conister Bank Limited, a long-established name in Isle of Man banking, has launched a fully digitalised deposit system for its UK retail customers. Building on the success of its digital lending platform on the Island, which now accounts for over 70% of its lending, the bank is further extending its services beyond Manx shores.
Conister claims the new online platform offers a streamlined and customer-focused experience, featuring competitive deposit products, swift account opening, and mobile access. Conister reports that early feedback from users has been positive, with 62% awarding the system’s customer support a perfect 5/5 rating for its responsiveness and ease of use.
Traditionally, Conister raised the majority of its deposits on the Isle of Man, despite a significant proportion of its lending occurring in the UK. However, the bank’s strategic direction has shifted following the 2023 granting of UK deposit-taking permissions by the Bank of England and the Financial Conduct Authority (FCA). This move enables Conister to scale up its lending and deposits across the UK, supporting underserved small and medium-sized enterprises (SMEs).
Driving Growth with Innovation
Haseeb Qureshi, Chief Operating Officer at Conister Bank, expressed the importance of digitalisation in the bank’s evolution:
“Our new digital platform is designed to be simple, efficient, and customer-centric. While innovation is at the heart of this initiative, we remain steadfast in upholding the personalised service and strong values that define our legacy.”
Founded in 1935, Conister has a long history of supporting its customers through deposit-taking and lending. With over £400 million in deposits and a customer base exceeding 100,000, the bank is poised for significant growth in the UK market.
Supporting SMEs, Building on Heritage
Douglas Grant, Group CEO of Manx Financial Group PLC, highlighted the broader implications of the expansion:
“Securing UK deposit permissions underscores the robustness of our business model and governance. By raising deposits, Conister will continue to support the underserved SME sector – the backbone of British industry. Our focus remains on delivering innovative financial solutions with the personalised service our customers expect.”
As Conister ventures further into the UK market, Conister says it remains anchored by its Manx roots, continuing to exemplify its commitment to innovation and customer service.