Vanquis Bank is the leading provider of credit cards to people in the non-standard credit market, promoting financial inclusion by bringing credit cards to people who are typically declined by mainstream credit card providers. In doing so, the business helps people to establish or rebuild a credit history, and has been doing so since 2003.
The continuing development of our digital capability for credit cards and loans is an essential driver for delivering good customer outcomes and shareholder returns.
Managing Director, Vanquis Bank
What we do
- Simple non-standard credit card products with no prime offer, no teaser rates, no balance transfers, no reward programmes and no cashback offers.
- Close customer contact from the outset, with a welcome call and multiple forms of immediate communication in the event of any issues arising.
- Adopt a responsible and prudent ‘low and grow’ approach to extending small amounts of credit starting from £250, up to a maximum of £4,000.
How we do it
- Specialisation and focus on non-standard credit cards.
- Full deposit-taking PRA and FCA regulated bank.
- VISA card issuer status.
- Industry standard outsourced credit card systems.
- Over 10 years of direct experience in the UK non-standard credit card market since foundation.
- Management team with depth of experience in non-standard credit cards.
- World-class collections capabilities.
How we create value
- Financial inclusion and rebuilding of credit history for 1.7 million credit card customers.
- Improving credit scores whilst providing access to small credit lines over an average of four years with Vanquis Bank.
- High levels of customer satisfaction.
- Stable risk-adjusted margins through the cycle.
- Strong growth from foundation in 2003 to 1.7 million customers as competitors struggled with appropriate models and access to funding.
- Good, safe returns for depositors.
The value to customers
Our customers value a Vanquis Bank credit card for a variety of reasons:
- It provides them with access to credit for the first time if they have a ‘thin’ credit history and no previous experience of taking out credit;
- They are seeking to rebuild their credit history after problems in the past;
- They value the inherent utility of a credit card, particularly accessing discounts and lower prices on the internet;
- Our customers often lack trust in high street banking, having been declined or experienced financial difficulty in the past with high street banks; and
- They value our high personal contact model.
Experience and expertise
While Vanquis Bank is a relatively new venture, we are comfortable in this market because of PFG’s long history of success in the non-standard credit industry as well as the experience and skills of the Vanquis Bank staff, many of whom have a background in serving non-standard customers.