Overview: How Metro Bank supported more SME businesses through challenging times
Metro Bank are a retail and commercial bank based in the United Kingdom, who offer banking services to both business and personal customers. Metro Bank offer their customers a range of banking products, including banking accounts, personal loans, business bank accounts, insurance, and credit cards.
The norm within commercial lending has always been a predominantly manual process, lack of consistency and speed, coupled with a difficult experience for businesses that often need to access finance quickly. Metro Bank was intent on changing that. They recognised the need to change this industry norm to find a way to serve each customer’s specific needs, with the goal of automating as much of the process as possible. Find out how Experian helped make that a possibility.
SME’s up and down the country are feeling the effects of the cost-of-living crisis as consumer spending power is increasingly stretched, and hesitations around lending continue to grow. For Metro Bank, their customers all used to follow the same credit risk assessment process, based on manual interrogation. There was often a lack of consistency and speed with decisions taking days to come through, meaning that many businesses who needed finance quickly were deterred from applying.
Metro Bank recognised the need to change the industry norm to find a way to serve each customer’s specific needs, with the goal of automating as much of the process as possible.
Metro Bank are a retail and commercial bank based in the United Kingdom who offer banking services to both business and personal customers. Founded in 2010, Metro Bank were the first high street bank to open in the UK in over 100 years and have since opened 77 stores across the UK. Metro Bank offer their customers a range of banking products, including banking accounts, personal loans, business bank accounts, insurance, and credit cards.
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| Established: | 2010 |
| Industry: | Banking |
| Number of employees: | 5000+ |
Metro Bank took a unique route – investment in both Experian’s PowerCurve for Customer Acquisition and Experian’s PowerCurve for Customer Management, rather than one or the other. Having them both in place and ‘connected’ before launching its new automated proposition for SME lending was transformational for the bank. Both platforms enabled instant access to new datasets, categorisation of that data (through CATO) and the ability to automate, turning the insight into action.
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