Conister launches new fully digitalised deposit system
Conister Bank Limited (“Conister”), part of Manx Financial Group PLC (AIM:MFX), is delighted to announce the launch of a new easy-to-use online deposit system for its UK retail customers. The launch follows the success of its digital distribution channel on the Isle of Man, which now accounts for over 70% of the bank’s lending.
The new system delivers a customer-centric range of competitive deposit products, offering self-service options, swift account opening, and mobile access for a seamless experience. Early feedback shows 62% of users rated customer support 5/5, highlighting its responsiveness and helpfulness.
Historically, the majority of Conister’s deposits were raised in the Isle of Man, despite a significant portion of its lending being in the UK. The bank’s strategic goal is to expand its lending and deposit base in the UK by leveraging the deposit-taking permissions granted last year by the Bank of England and the FCA to further support its lending divisions.
Haseeb Qureshi, chief operating officer at Conister Bank, said: “We are pleased to expand our easy to use digital offering for retail customers in the UK. Our digital platform has been designed to be simple and efficient, while continuing to provide personalised service, building on the established Conister values our customers have come to rely upon. Digitalisation is instrumental in taking the business forward as it will enable us to scale in our target markets. However, it is important that our offering is the right one for our customers, in line with the values and culture that we have strived to achieve for our existing business with regards to deposits.”
Founded in 1935, Conister Bank has a strong history of deposit-taking and lending. With its UK deposit-taking licence granted in 2023, Conister is well-positioned for growth, expanding from its Isle of Man roots. The bank currently holds over £0.4 billion in deposits and serves over 100,000 customers.
Douglas Grant, Group CEO at Manx Financial Group PLC, commented: “Gaining our UK deposit permissions from the Bank of England and the FCA is great third-party testament to the robustness of our business plan and our governance. The raising of deposits will allow Conister to continue to support the underserved SME market which is the backbone of British manufacturing and services. We remain committed to providing innovative financial products, reinforcing Conister’s legacy of personalised service, to both our deposit and lending customers.”
