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Peer2Peer Finance News | October 23, 2017

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Zopa unveils banking product offering

Zopa unveils banking product offering
Marc Shoffman

ZOPA has unveiled the suite of products it will offer once it launches a bank.

Speaking at the LendIt conference in London, Jaidev Janardana (pictured), chief executive of Zopa, said banks have focused too much on products that help their business rather than the customer.

Read more: Zopa completes fundraising ahead of bank transition

Instead, Janardana said, once launched, Zopa Bank, would give a “more personalised interaction that will customers feel safer and more secure.”

He revealed that Zopa Bank would offer unsecured personal loans with no early repayment charges and credit cards with no introductory offers but a flat rate as well as savings and investments that prioritise existing customers.

It will also offer auto-loans, allowing users to do a soft-search for products.

“Customers are generally fed up with their banks,” Janardana said.

“Often with their best intentions banks are struggling to make it better.

“Technology has made things easier for us but the fundamental ethos hasn’t changed.

“Banks, in trying to solve critical problems such as compliance and anti–money laundering, design products that work for them. If the customer experience improvise that’s an interesting side effect.

“The most important thing is that your business model has to be one you win when the customer wins.”

He said Zopa Bank was halfway through a two-year process of acquiring a banking licence.

Read more: Zopa unveils plan to wind down provision fund as it readies for IFISA launch

Read more: Zopa gains full FCA approval