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Paul Riseborough

: Allica launched as a fully authorised bank in late 2019 with its first deposit product. That was slightly after we'd already had a slew of challenger banks in the UK, including Starling, Metro Bank and others. You clearly felt that there was still a need for more choice. Looking back, that has proved prescient – at the time, all the talk was of oversupply in the SME market with hundreds of brands set to be fighting it out but today the market remains concentrated.

Paul Riseborough: Conrad, welcome. To kick off, tell us a little about how you first started working with small and medium-sized enterprises (SMEs).

Conrad Ford: I had the opportunity to transfer within Barclays to Clearlybusiness, a very separate subsidiary based above a branch in Shoreditch that was building technology services for SMEs. It was small but extremely high-growth, and that gave me a taste for autonomy and small companies as well as technology.

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Paul Riseborough: Allica launched as a fully authorised bank in late 2019 with its first deposit product. That was slightly after we'd already had a slew of challenger banks in the UK, including Starling, Metro Bank and others. You clearly felt that there was still a need for more choice. Looking back, that has proved prescient – at the time, all the talk was of oversupply in the SME market with hundreds of brands set to be fighting it out but today the market remains concentrated.

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Paul Riseborough:

Allica launched as a fully authorised bank in late 2019 with its first deposit product. That was slightly after we'd already had a slew of challenger banks in the UK, including Starling, Metro Bank and others. You clearly felt that there was still a need for more choice. Looking back, that has proved prescient – at the time, all the talk was of oversupply in the SME market with hundreds of brands set to be fighting it out but today the market remains concentrated.

Conrad Ford: Exactly, and that explains why all the investment has poured in. It fits the superficial fintech thesis that you can do everything on an app. To be fair, we’ve seen some amazing propositions that are ideal if you're a sole trader plumber and you want to raise an invoice while you're parked up in the van waiting to do a job. However, as a result, everybody just ignored the much larger revenue pool – and the much larger revenue and market opportunity – that medium-sized businesses represent.
That is the space in which Allica plays. The incumbent banks are all things to all people, but their two major revenue and profit centers are at the extremes. On the one hand, the tens of millions of consumers like you and I, basically high volume and very simple to service. On the other, the corporates, extremely complex but extremely high value. The big banks are optimized for those two polar opposite segments – and are very good at both of them.

“You have this valuable segment – in revenue terms and also in terms of the UK’s business health – and the market has failed to figure out how to serve it well”
Paul Riseborough: So you have this valuable segment – in revenue terms and also in terms of the UK’s business health – and the market has failed to figure out how to serve it well. And I assume those SMEs feel this keenly?
Conrad Ford: Yes. First it was lending that was an issue, and now they're struggling with transactional banking or current account banking. According to Parliamentary figures, 140,000 SMEs have been debanked in the past couple of years. The reason for that is anti-money laundering and KYC is set up on systems designed for the consumer. For a micro business, that essentially amounts to a consumer credit check on the person behind the business – but for this medium-sized segment, it doesn’t work.

Conrad Ford: Other providers found cost to serve in our segment to be a problem, so we built an operating model and our own infrastructure from the ground up to solve that challenge. My past experiences at Funding Options demonstrated that the vast majority of revenues were coming from the 10% of established SMEs. They wanted a personal service concierge type service, and so our competitive strategy has been to bring back relationship banking. We don't claim to be entirely digital – we believe human beings are an important part of a banking relationship with these customers.

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In the latest of our Q&A series exploring how leading financial services brands are transforming the customer experience, Capco UK Managing Partner Paul Riseborough talks to Conrad Ford, Chief Product & Strategy Officer at Allica Bank.

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I’d also say capital markets. Investment banking is the last big frontier. An investment bank basically comprises a hundred cottage industries, tiny units of maybe 10 people running a very focused business such as equity derivatives. And everything ends up being on spreadsheets, because there's never that investment imperative to automate these tiny operations. Yet collectively they represent huge revenue pools. I see being wave after wave of infrastructure providers solving for that, as well as there being many use cases for generative AI.

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