Challenger bank to offer financial workshops to educate consumers
The UK is to receive another challenger bank as Chicago-headquartered Iam Bank plans to expand and roll out online services, branches and financial workshops to consumers.
The company, which has dubbed itself the “Apple store” of banking, will be the first bank of its kind to offer learning and therapy-based financial workshops to help educate consumers on their financial decisions.
Iam Bank will be joining the growing number of UK challenger banks that are offering services aimed at millennials, with Chief Executive Lee Travers revealing that the company is looking to buy a small UK bank, building society or credit union that has a presence on the high street.
The bank will then be able to acquire a banking licence to enable it to expand to the UK and launch a network of branches. According to Travers, the company’s online presence will be complemented by its UK and US branches, as he believes that consumers still prefer the safety and security that is offered by traditional banking.
Iam Bank currently offers a number of online banking services, including mini-loans to help keep consumers covered until payday and a consumer footprint index, which enables customers to make micro-investments.
Discussing Iam Bank’s plans with FT Advisor, Travers revealed that the bank is also looking at “creating more than 21,000 partnerships with retailers to enable cashback, which the customer can invest into their cash or passive investment accounts.”
The bank’s financial workshops will be free and are set to be rolled out across the UK and US in September this year.