The Services Family Ltd was founded by military veterans Tom O’Brien and Mike Jenkins and has appointed David Hodgkinson, formerly of HSBC and Chairman of Allied Irish Bank, to help those in the armed forces who have found it difficult to access finance.

The lender has spent two years researching and developing its business with support from EY Financial Services, CMS and Sopra Steria.

 “Our digital solutions, developed with our technology partner Sopra Steria, will not only make routine banking easier, they will also help our customers manage their finances and household bills more effectively, using practical payment technology, financial support software and leading technologies enabling services such as contactless payments,” Tom explained.

The Services Family is planning a phased delivery to ensure that it get its digital customer support services right, then it plans to progress with its micro-business loans and home lending while the team works with the regulators towards a full deposit and banking license.

“People admire the straightforward, straight-talking and professional way in which the UK’s armed forces get things done,” Mike added.

“That’s why we are building a bank that lives the values of our service men and women and which meets the needs of all those who prize, champion or devote themselves to public service.”

Mike continued by praising the support from veterans in the City had been and said it had been working with the British Banking Association, EY and CMS to adopt leading standards of professionalism.

“We are now building the teams who will develop and deliver the initial services concurrently with the application process.

“We will make further announcements in due course to provide updates on our progress and we look forward to launching our first services later this year.”