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Aldermore CEO shakes up banking with The Telegraph

POSTED: 17th September 2012
IN: General
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Phillip Monks, CEO of Aldermore, has spoken passionately about the need for banks to offer a 'common sense' solution to small business lending. Speaking to The Telegraph, Phillip argued that the financial industry needed to provide SMEs with simpler products and a personalised service.

"I'm staggered by the state of the banking market at the moment," he says.

"The worst thing for an SME who's working every hour God gives them, particularly in this economy at the moment, is to go and see the branch manager who is probably a generalist. What he [an SME owner] wants is someone who is an expert, dynamic, reliable and straightforward. And someone who is coming out to see him."

Phillip also argues that banks needed more of a common-sense approach in regards to finance approval.

"You get that common sense test as opposed to just looking at the balance sheet and the figures," he comments.

"I'm really surprised that there aren't more [banks like] Aldermore out there. Particularly on the SME side," he continues, commenting on Aldermore's success in regards to its personalised approach to British banking. Indeed, at Aldermore we use underwriters for our clients, rather than automated credit checks, preferring to assess each business application on its own merits. You can discover more about our approach to banking via our website.

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