First Direct

By: EconomyWatch Content   Date: 3 November 2009

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Founded on 1 October, 1989, First Direct bank is an internet and phone based retail bank in the UK and is a division of HSBC bank. Its headquarters are at Leeds and it has a 1.16 million strong customer base. First Direct boasts of a transparent banking process and has aptly chosen ‘Black and White banking’ as their tagline.’

First Direct: History

First Direct was founded by Midland Bank, one of the biggest banks in the UK. Following the acquisition of Midland Bank by HSBC, it became a part of HSBC group and has continued to grow under HSBC aegis.

First Direct was a success from day one. The call center received more than 1,000 calls on the opening day, 1 October, 1989. The success was largely due to the massive advertisement campaign that highlighted the advantages of internet banking and ‘staying updated all the time’ when it came to personal finances.

Riding high on the successful launch, the bank registered 100,000 consumers in May, 1991 and multiplied five-fold in April 1995 to 500,000 consumers.

With a bigger clientele, innovation followed and in May, 1999 they launched text message banking services. This service allowed consumers to receive text alerts whenever their balance went below a certain amount. They could request mini-statements as well. Another product was introduced in July, 2001 in the form of mortgages. Looking at the popularity of the text service, the bank partnered with MONILINK for letting consumers access their accounts via their mobile phone.

First Direct: Products and Services

First Direct has grown from being just a regular bank to a financial institution that offers a diversified portfolio comprising mortgages, loans, credit cards, investment options, insurance options and travel financial products.

With offers such as £100 deposits for people switching from other banks and services such as internet banking plus that brings together all accounts at one place, they offer products for all budgets and back it with robust technology for a better consumer experience. First Direct also offers services such as mobile phone insurance and annual travel insurance for a fixed monthly charge along with their current accounts.

 


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