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Capability and innovation fund progress update: 31 December 2019

Store Expansions

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  • COMMITMENT: We will open 15 new Metro Bank stores in the North by the end of 2025

    What have we done so far?

    • Our first store in the North opened in December, in Manchester, and our stores in Liverpool and Sheffield will open in the first quarter of 2020. 
    • We’re paying for all store capital costs and C&I funds will be used to fund frontline roles for 18 months after the store opens .
    • All our stores will be open seven days a week, early until late, offer in-store debit and credit card printing, safe deposit boxes and access to a Local Business Manager.
  • COMMITMENT: In delivering our plans we will create over 300 new jobs in the North

    What have we done so far?

    • By the end of 2019, we had recruited 41 new colleagues to work in our first two stores in the North, including four apprentices.

Digital Innovations

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  • COMMITMENT: We will build a range of game-changing digital capabilities to help SMEs thrive

    What have we done so far?

    • Our artificial-intelligence led Business Insights capability launched in September.
    • MCash, our mobile cash pick up and drop off service, launched in December.
    • Work on our straight-through Business Bank Account Online application is ongoing, and will be available to customers in 2020.
    • Our new tax submission, bookkeeping, invoicing and receipts, mobile and online banking proposition, together with our cloud accounting service, have both completed Proofs of Concept and will also launch to SME customers in 2020.
    • Work on our end-to-end payments and accounts receivable solution will start in 2021 and be available to customers in 2022.

Product Capabilities

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  • COMMITMENT: We will build the capabilities necessary to support larger, more complex SMEs

    What have we done so far?

    • The launch of our Trade Services capabilities with partner Conance went live on 30th September 2019.
    • Our work to offer SME customers the ability to accept direct debits is progressing well, and in January we became a direct member of the Bacs clearing. Following more development work and testing, this service will be available to customers in April 2020.
    • Our new SME overdraft proposition will launch in Q2 2020, followed by the new Small Business Loan platform in Q3. The new commercial credit card will launch in late 2021.
    • Sweeps, which can help customers to manage their money through automated sweeping of funds between their accounts, will launch in Q2 2020.

Our Other Promises

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  • COMMITMENT: We will radically transform the UK SME banking experience

    What have we done so far?

    • We came second for overall service quality for business current accounts in the most recent CMA service rankings (February 2020)
  • COMMITMENT: We will provide a ‘Metro multiplier’ to C&I funding

    What have we done so far?

    • We’re still committed to matching every pound from the Capability & Innovation Fund with two of our own.
  • COMMITMENT: We will help 8 innovative UK SMEs to scale by partnering with them to deliver our bid commitments

    What have we done so far?

    • We have partnered with three UK SMEs so far – Conance, Funding Options and DueDil - and are working with a further five to deliver our bid commitments. We’ll be working with more as additional initiatives are put in motion.
  • COMMITMENT: We will provide BCR Ltd and our customers with unprecedented transparency on our progress towards delivering on our commitments

    What have we done so far?

    • We provided BCR Ltd with access to real-time Microsoft Power BI dashboards to track our progress against agreed project milestones in June 2019 as planned.
    • Each quarter we will publish an update on our BCR commitments on our website so stakeholders can monitor our progress.

Frequently asked questions

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