We are seeking to set up the region’s ?rst member-owned high street bank. We understand that finance and banking can be complex. We aim to provide the communities of Cornwall, Devon, Dorset & Somerset with an alternative to the high street banks. SWM is currently working towards submitting a formal application by February 2020 for a banking licence to operate in the UK from 2021. Find out more at: https://southwestmutual.co.uk/
South West Mutual (SWM) seeks to provide high street banking services to retail customers and SMEs living in or with a connection to Cornwall, Devon, Somerset and Dorset (the South West Region).
The Bank will offer current accounts, savings, overdrafts, unsecured and secured term loans and mortgages. In some locations we will offer safe deposit boxes.
The multi-channel distribution strategy will include a new branch network comprising staffed and automated branches alongside internet banking and a mobile banking app.
Our business seeks to generate sustainable long-term financial returns and have a positive impact on the lives of our members and the communities we serve.
Our vision is of an inclusive and sustainable economy in which individuals and communities can flourish.
Our purpose is to support a socially just transition to a regional economy that respects the natural environment, through the provision of honest, accessible, effective and locally rooted banking services.
One of the key advantages of our regional model is that the business plan, product and services, and customer acquisition strategies can be tailored to the needs of our Region.
Evidence supports the superior ability of local and regional banks to undertake high quality lending where it is necessary to gather contextual information, such as knowledge of local markets and management track record, that go beyond basic financial and credit file data.
South West Mutual is one of a number of new societies working towards banking licence approval and becoming a new regional community bank. You can find out more about these other regional banks by visiting: www.csba.co.uk/regions/.
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