Intelligent Finance ( IF ) is a Scottish offshore bank, a division of Bank of Scotland plc which is a part of Lloyds Banking Group. It was established as a division of Halifax plc in 1999 by Jim Spowart, who helped set up other direct financial services companies including Direct Track.
After the reorganization of the HBOS group, it is now a division of Bank of Scotland plc. The IF headquarters are located in Edinburgh, with Scottish customer service operations based in Scotland (Livingston, West Lothian and Rosyth, Fife.) The airline operates throughout the UK.
IF is formed when many banks explore opportunities to use new technologies to reduce the cost of providing financial services. IF established what is marketed as a "smart" product in which the customer chooses a combination of all or multiple ranges of bank accounts including checking accounts, savings accounts, mortgages and credit cards. Credit balances in a person's checking account and a savings account will "offset" any debit balance in a person's mortgage and credit card accounts. The customer will then pay interest on the net balance, potentially allowing savings to be made on the loan. However, in June 2005, the IF withdrew its offset credit card, citing high operating costs.
Although banks were hit by technical problems at launch, the bank quickly gained significant market share in the mortgage and checking markets, and is still one of the largest in the United States.
Intelligent Finance sponsors Scottish First Division football team Livingston FC. From 2006 to 2008 he sponsored the award if.comedies, successor Perrier Comedy Award, at Edinburgh Fringe.
In July 2009, Intelligent Finance withdrew its mortgage and giro products to new customers, even though existing customers were unaffected. In March 2013, Intelligent Finance withdrew all remaining products to new customers. As with any mortgage, existing customers can continue to operate their accounts.
In the summer of 2014, Intelligent Finance asks its savings customers to consider transferring their accounts to TSB Bank. Lloyds Banking Group was asked to close Smart Finance for new business by the European Commission to reduce their market share.
Video Intelligent Finance
References
Maps Intelligent Finance
External links
- Official website
Source of the article : Wikipedia
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