We’ve switched our classes to live online. For more Covid-19 updates, click here

Challenger bank to offer financial workshops to educate consumers

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. 

Complemented 

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. 

Plans 

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.


Other News

How to Adapt Your Professional Skills For the ‘New Normal’

The ability to adapt to adverse circumstances and new challenges is considered an ideal attribute in the corporate world, especially…

How education can help UK’s soft skills crisis | LSBF Blog

The UK may be suffering from a soft skills crisis which could threaten business productivity, a recent study by Instructure…

What is the difference between an international business degree and a traditional business degree?

An international business degree tends to focus on providing students with a cross-cultural perspective, which is essential for those who…

Back to top