Metro Bank’s focus since 2010 has been to challenge the UK industries ‘big five’ by using DevOps and going digital, according to Forbes. This year the bank plans to open 10 new stores, and to work on technology capabilities by building its IT structure from scratch, despite last year’s tax losses. Metro’s Founder, Vernon Hill, recently announced to the International Business Times that the bank is going to be the ‘Apple of banking’, hoping that people switch to his bank because of its technology.
‘The power of technology’
The company saw pre-tax profits rise to US$2.6 million in January to March, a 33% increase in comparison to the previous quarter, and a large improvement since the US$12.4 million loss recorded last year. Metro Bank’s Chief Technology Officer, David Young, said: “My job in very simple terms is to harness the power of technology to bring great propositions to our customers and colleagues.” Metro currently has a good amount of customers; with one million accounts, more than US$8.2 million loans given out and US$11.58 billion deposits. Written by Leah Alger