Allica Bank successfully completes migration of AIB (GB) SME customers
Allica Bank – the fintech challenger bank dedicated to serving and supporting Britain’s established small and medium sized businesses – has today announced that it successfully migrated the acquired customers from AIB’s GB SME lending portfolio onto its systems. The loans were migrated in two tranches, the first in April, and the second at the end of July.
Over 1,400 customers and 1,700 loans were successfully moved from AIB to Allica Bank following its acquisition of AIB’s GB SME lending portfolio in November 2021. Allica designed, built and implemented bespoke technology systems to accommodate the complex loan portfolio in just a matter of months, with support from cloud banking platform provider, Mambu.
Alongside migrating customers and loans on to Allica’s systems, Allica has been carefully onboarding its new SME customers, ensuring they feel welcome, happy and at home with their new bank.
Each customer has been introduced to a dedicated relationship manager to provide personalised support for their business. Allica is also offering these customers exclusive early access to the new Business Rewards Bank Account, due to be available to the wider market later this year.
Today’s news comes shortly after Allica announced that it had now provided lending of over £1 billion to UK established SMEs – a key milestone in Allica’s journey to becoming the lender of choice for this business segment.
Richard Davies, chief executive officer, Allica Bank, commented: “We are delighted to welcome AIB’s SME lending customers to Allica Bank.
“To have seamlessly migrated such a complex portfolio in just a matter of months was a major undertaking for a bank of our size, and would not have been possible without our top-notch technology capabilities and committed colleagues.
“We have done everything we can to make sure our new customers feel right at home with Allica Bank, and benefit from our strong technology proposition with tailored personal service delivered by dedicated relationship managers.
“We look forward to working with these businesses to help them grow, scale and achieve their ambitions.”