Sopra Steria offers managed service solution to new bank

Sopra Steria has announced its managed service solution and Banking Software Platform have been selected to help run a UK military challenger bank developed by The Services Family.

The company's managed service solution and Sopra Banking Software platform will together deliver an end-to-end solution, including consulting, systems integration, software development, infrastructure management and business process services to aid the digital drive of the bank.

Sopra Steria will be tasked with managing the full banking and non-banking services of the bank, including customer services and credit risk profiling, while The Services Family will manage business strategy and development.

The firm will also help The Services Family meet compliance requirements and liaise with regulators as they seek to become a fully-licenced retail bank next year, with a full deposit/banking licence.

"We require extremely sophisticated digital services that can adapt to the changing needs of our target customer base," Michael Jenkins, founding director and business intelligence/strategy director of The Services Family, said.

"Sopra Steria was the natural choice because of their innovative approach and willingness to support us in developing a phased approach to our banking services, in addition to their proven expertise in this space."

The UK military challenger bank has been designed to aid military personnel access the banking services they need, offering tailored services to armed forces personnel, veterans and their families.

It will begin trading as a mortgage provider later this year and will then seek to become a fully licenced retail bank in 2017.