A challenger bank launched only last year is thought to be the first in the UK to be 100 per cent ‘born in the cloud’, it revealed at an event recently.
Redwood Bank partnered with Microsoft to deliver a ‘fast and fantastic’ service to its customers and colleagues using an IT system which was completely internet-based from the first moment it opened its doors in August 2017.
At an event held in central London and attended by IT experts involved in the project, the Bank’s leadership team revealed how they used secure, cloud-based technology and hand-picked expert partners to build and launch Redwood Bank in under six months following the receipt of its initial banking licence.
Chief Executive Officer (CEO) and Co-Founder of Redwood Bank, Gary Wilkinson said: “We are very proud that Redwood Bank was not only ‘born in the cloud’, but also achieved one of the fastest ‘licence-to-launches’ in UK banking history. Microsoft and our other expert partners, have given us access to a secure, powerful digital infrastructure which would not be feasible to build in-house.”
The event celebrated the successful collaboration with Microsoft and the Bank’s other partners.
Redwood Bank marked the event by publishing its blueprint for creating a bank in the cloud, with the launch of its white paper Redwood Bank: Born in the Cloud.
Gary Wilkinson continued: “Our strapline at Redwood Bank is ‘It’s about time’ and we’re certainly proud of what our technology platform has helped us to achieve in such a short amount of time.
“We think it’s about time that a bank invested in security, speed and simplicity to the benefit of the customer experience, and that’s exactly what we delivered. We wanted to share this achievement and that’s why we’ve published our ‘Redwood Bank: Born in the Cloud’ whitepaper.”
Richard Peers, Microsoft’s Global Director of Financial Services, said: “We applaud Redwood Bank’s pioneering approach and adoption of this technology.”
The event, which took place on Thursday, April 19th, included presentations from Mr Wilkinson – CEO, Mike Harriman – Director of IT, Dave Patel – Group CEO of DPR (core banking platform partner), and Richard Peers – Director of Financial Services at Microsoft (cloud services partner).
Mr Peers continued: “The cloud is enabling a wave of innovation, empowering financial institutions to create new value chains that cross business and industry boundaries. You can turn data into insight, transform ideas into action, and turn change into opportunity. This is exactly what Redwood Bank has delivered and we applaud their pioneering approach and adoption of this technology.”
The whitepaper explores the benefits of using this technology to enhance data security, information management, data controls and compliance with industry standard certification.
Redwood Bank was launched in August 2017, becoming Britain’s newest challenger bank for small to medium sized businesses.
The Bank’s products include individually-assessed mortgages for business owners and professional landlords, as well as a range of Best Buy savings accounts, which is offered to charities, clubs and associations as well as businesses.
L-R: Richard Peers, Director of Global Financial Services, Microsoft; Mark Hammond, Sales & Marketing Director, DPR; Gary Wilkinson, CEO, Redwood Bank; Andrew Hall, Sales & Marketing Director, CSI; Michael Harriman, IT Director.
About Redwood Bank
Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunities and also offers competitive business savings accounts. Redwood Bank was founded by Gary Wilkinson and Jonathan Rowland. It has a unique private-public ownership structure in which Warrington Borough Council has a one-third stake.