The financial industry is changing rapidly, with financial tech companies forcing the more traditional banks to rethink their own methods.
According to Infinity Finance Group’s managing director Tony Insall, it is not difficult to understand why. “Fintech banking is the future,” he says.
Now, as part of its extensive offering, Infinity provides an alternative banking solution that is different to the high street bank.
Having partnered with Modulr Finance, Tony’s Yarm-based firm now offers client accounts for businesses and individuals.
Infinity Payments, the latest exciting strand of the business, speeds up the process of opening a new account, is web-based and available on your mobile phone or on a desktop.
Tony said: “The reason we did this was that it is not always straightforward to get a business account.
“A fintech account tends to mean that customers can apply through an app. All your ID checks and documentation to check for anti-money laundering are done on there and it speeds the process up.”
The speed of the process is what is attracting people to companies such as Modulr. Infinity is a partner agent for that service and has its own dedicated platform, Infinity Payments.
Tony added: “A great example I can give you is that I recently contacted a high street, well-known bank to open a business account, where I was not a customer already. It took me four weeks to get an in-branch appointment.
“A lot of people are finding that at the moment and the fintech option through Infinity Payments speeds the process. You tend to be able to open an account within 48 hours.”
The back story to that is how Infinity Finance Group worked with a lot of employment agencies and realised the service wasn’t there ordinarily to open up an account swiftly.
“Where we have seen this highlighted to us is with recruitment companies and employment agencies, who recruit self-employed owner-drivers, for example, who suddenly own their own business and they need a business bank account quickly,” said Tony.
“What we do is provide those banking opportunities for the drivers. They might want those working by the end of the week and speed is the essence.
“The driver, for example, will be employed through a logistics company on a day rate and they need a business account to pay it in. We will give them that account.
“Can you imagine the person off the street setting up a business account when all he wants to do is drive a van?”
Infinity Payments effectively started in July and the software and technology to make that service a viable one has been developed since then.
Together with Infinity Payments and following the acquisition of North Ormesby-based Alpha Independent Financial Planning in October last year, Infinity can now provide wide-ranging solutions and packages in line with Financial Conduct Authority regulations.
Tony said: “The wider picture is that Infinity Payments provides Infinity Finance Group with another service to its clients. it grows the group further and can be used by employers or employees.
“We have a growing number of financial services offered across the UK and essentially we can roll this out worldwide. This service provides a Visa debit card that can be used in the UK and around the world.
“It just increases what we can do and means our clients don’t have to go anywhere else.
“An example of what we do is how we work with employment agencies and provide Infinity Protect, which means providing employer benefits, and now they get an opportunity to get the bank account as well as free mortgage, pension and investment advice.
“We offer such a service so that employees might want to stay with them longer rather than move for an extra 10p a day somewhere else!
“We are offering six or seven different options now instead of one. We have developed processes for what we are providing for one business so we can now plug it into any other business system.”