A new bank on the block – Masthaven – implements core banking software from DPR Consulting

A new bank on the block – Masthaven – implements core banking software from DPR Consulting

Masthaven Finance, a UK-based specialist mortgage lender, has joined the “challenger banks” rush and secured a banking licence. It plans to open for business this summer.

The new bank will offer mortgages and savings products to retail customers who struggle to get service from mainstream banks and lenders.

These products will include specialist mortgages and online fixed-interest savings products, “enabling customers to tailor maturity dates and interest rates in a way which suits them”, according to Masthaven.

“This is a hugely exciting time to launch a new retail bank in the UK,” says Jon Hall, MD of Masthaven Bank. No longer do savers and borrowers “have to dance to the tune of the big banks”, he states. Masthaven recognises that “no one size fits all” and that “everyone’s individual financial backgrounds and requirements vary” – and this will be the bank’s differentiator in the market.

What’s the tech?

A domestic vendor, DPR Consulting, is providing its front-to-back office retail banking platform. The software itself is a new development, with Masthaven being one of the very first takers.

DPR decided to build its own back office solution to add to its existing front-end offering a couple of years ago, when it failed to find a suitable core banking solution partner.

According to Hall, the new platform will enable “a single, integrated banking solution across savings and all lending at Masthaven Bank”.

“It provides scalability, security and flexibility which meets the functional requirements of retail online savers and mortgage intermediaries.”

He explains the strategy: “The plan is to implement proven banking software alongside an outsourced managed service provider capable of complying with industry and Masthaven risk and security standards.”

Technology, he adds, is “a key enabler” for customers and employees. It will ensure security, make the most of the data, be scalable and flexible, and deliver “a straightforward yet personalised user experience” across the digital channels.

Hall says this is being achieved by “obsessing about marginal improvements throughout the process”.

Who’s the owner?

“Unlike other companies”, Masthaven will offer share options in the business to its staff, the bank states. These will be distributed throughout the business, with up to 80% of current and future employees eligible for them.

The new bank will be majority-owned by Andrew Bloom, MD of Masthaven Finance. The remaining ownership will be held by the Pears family (which also has a stake in Masthaven Finance) and Masthaven’s employees.