Having worked for many large banks on the island and globally, Debra was appointed by Capital to work on the development of their first digital bank. An exciting addition to the Isle of Man’s ever-growing financial landscape, Capital International Bank although based in the Isle of Man is due to launch globally in April.
The appealing thing about Capital International Group was that I already knew the founder and the CEO from my past roles and really liked the family style service proposition of the business. The business had already seen a lot of success in its 20+ years of operation and they had a clear strategy in regard to their journey to become a digital Bank. Once I saw the technology that was being deployed coupled with the pragmatic approach to decision making, my mind was made up for me! Capital had fully embraced the opportunities that arose with the introduction of the Isle of Man Government’s Alternative Banking Regime and by the time I came onboard, the Group was progressing with the application side of things very well. I was delighted to then see the class 1 (2) provisional licence approved and it will be very rewarding to be part of that team when the virtual doors to the digital bank open.
Long before I joined, the team at Capital had been working hard on building the bank. I don’t think anyone would believe me if I told them how much work actually has to go into such a project. The journey has taken some 4 years, as we really wanted to build something different and use the feedback from our target audience on how we could best support them and their clients going forward, in order to build long term relationships.
We are hopeful to go live mid-2021 subject to the usual regulatory approvals.
We will only be dealing with corporate clients and high net-worth individuals, not retail client in line with our Class 1(2) licence. The offering is built to appeal to Corporate Service Providers, professional services firms and their underlying clients. We have worked hard to make their experience as slick as possible by way of swift onboarding, transparent fee structures, and by giving control to our clients when it comes to their authority limits over mandates and payment thresholds. Clients also won’t have to chase for account numbers and opening status as they will have control over that process within the digital onboarding portal.
Although a number of our clients are Isle of Man based, CIB will provide banking services to clients across the globe (subject to jurisdictional risk appetite). We also have offices in Johannesburg and Cape Town in South Africa and have a significant client base there, some of whom might be interested in our banking offering.
CIB’s approach to digital banking replaces the long-winded form filling with an online data capture portal that will give the client a 200 second pre-application decision on whether they will be able to open an account and how much it might cost. This way, potential new clients avoid having to fill in a full application only to later be told that we don’t have the appetite for their business.
We understand that whilst we are living in a more digital age some clients will still need support and help with what is a very intuitive system to use. Within my team I have Client Engagement Leads who could be described as our “foot soldiers”. Once the bank goes live, they will be available to train clients on VELTA, our digital portal, face to face or via Microsoft Teams and deal with any questions or concerns the client may have. As the bank is not available for retail clients, our research has shown a high level of digital capability within our target markets.
The Isle of Man does hold a special place in my heart as my children grew up here, and the island really did act as a platform for my offshore career. I’m very grateful for the amazing opportunities that have come my way and the opportunity to live in some amazing places. My son and his wife also live on the island, and my daughter lives just a short plane ride away which made returning to the Isle of Man an easy decision. Whilst small island life may not appeal to everyone, in recent times I have felt very fortunate to be living on a safe and very well-run island.
"Debra, thank you very much for sharing your thoughts with me and naturally we wish CIB all the very best for a successful launch in 2021" John Hunter, Head of Banking, Isle of Man Department for Enterprise.
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