Finance / Britain’s oldest bank looks to ‘fully adopt’ digital age
Britain’s oldest bank looks to ‘fully adopt’ digital age
10 August 2015 |
The UK's oldest bank - C Hoare & Co, founded in 1672 - is planning to enter the world of digital banking by the end of the year.
In his summer letter announcement, Alexander Hoare, partner at C Hoare & Co, said: “Hopefully in the New Year we will fully adopt the digital age by introducing a mobile app for customers.”
“We also plan to offer contactless cards before the year-end,” he added.
The move to bring the bank into the digital age comes long after the innovations in the retail and commercial banking industry.
58 million contactless cards were in circulation in the UK, used to make 46.1 million transactions in December 2014.
The bank is also digitising its business practices by scanning all paperwork to “modernise 300 years of working practices”.
The bank released an app in 2014 dedicated to managing tax, but the new app will actually allow customers to make transactions online.
The C. Hoare & Co. Tax Tools app provides users with the latest UK tax allowances, tax tips, budgets commentary and financial calculators.
The app is also updated with current tax rates.
The bank has a history of tradition, having been owned and directed by members of the Hoare family since it was founded by Richard Hoare in 1672.