Afin Bank appoints Shiv Patel to lead savings proposition
By Bridging Loan Directory
Afin Bank has appointed Shiv Patel as Product Manager, leading the development of the bank’s saving proposition ahead of its planned full launch later this year.
Shiv brings with him years of experience of savings product development and pricing at a number of high-profile financial services brands including Charter Savings Bank, Kent Reliance and Dudley Building Society.
Afin Bank’s core mission is to provide mortgages to underserved borrowers in the UK.
Whilst designed with Africans in mind, the bank says its lending products may also be suitable for UK resident customers, including the self-employed, professionals and high net worth borrowers.
Shiv says he wants to bring the same ethos to Afin Bank’s savings products, reaching people who might not be familiar with the savings market.
He explained: “Coming to Afin Bank was exciting because you don’t often get the opportunity to join a bank at the very start and be able to develop products and services that meet the needs of savers to create great customer outcomes.
“Usually savings accounts are based on legacy products that could be many years old.
But the market has changed and so have customer expectations, so this is a chance to build a savings proposition from scratch by putting the customer first.”
Savings accounts from specialist providers like Afin Bank have grown in popularity with UK savers in recent years because they often offer more competitive interest rates than high street banks and building societies.
Shiv believes this is because mainstream providers have become complacent with their savings products.
He added: “Many banks and building societies don’t feel they have to offer very competitive savings rates or a choice of accounts because they believe their customers can’t be bothered to move their money.
But they’re missing a trick, and the increasing number savers choosing specialist providers just proves this.
“But Afin Bank doesn’t want to just appeal to the savvy saver who is always looking for the best rate.
Just as we will do with our mortgages, we plan to ensure our savings accounts are competitive and straightforward to manage, so they are suitable for all savers looking for a trustworthy place to grow their hard-earned money.”
Alan Davison, Afin Bank’s Chief Commercial Officer, echoes Shiv’s sentiment. He said:
“Our discussions with our target customers shows that what they want more than anything is to find a bank they can trust and that understands their circumstances.
This insight will help us build great mortgages and, now with Shiv onboard, great saving products.”
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