SBI UK Ltd. (SBI UK,) a wholly owned subsidiary of State Bank of India (SBI), has entered into a partnership with Akoni Hub, offering its wide range of savings products via Akoni.
Akoni Hub, part of the Stubben Edge Group, is a cash management platform for wealth managers and SMEs and has a client base made up of corporates, charities and high-net-worth individuals. The platform enables the easy opening and managing of multiple savings accounts, providing customers with a single view of their cash. Those opening an Akoni account can access a range of accounts from multiple banks, now including SBI UK.
SBI has been active in the UK since 1921 and has grown to become the largest Indian bank in the UK. The bank’s retail-focussed subsidiary, which is SBI (UK) Limited, was established in April 2018, with 11 branches across the UK. Its products and services include, but not limited to – Commercial Lending, Buy to let Mortgages, Cash ISA’s, Safe Deposit Lockers, Instant Access Savings Account, Business Account and Fixed Deposits. In 2021, SBI UK launched the YONO app, its versatile digital banking app. This is part of the bank’s plans to expand its digital offerings in the coming years.
“We are delighted that our excellent range of deposit products are now available via the Akoni HUB platform. This will ensure a much wider distribution of our product range and thus enhance our continued expansion plans in the UK. We are looking forward to taking this partnership forward and continue serving our esteemed customers through this channel as well
The Akoni Hub platform enables clients to manage their cash savings. Our clients can set their desired level of risk through diversification and maximise protection either under the FSCS or equivalent. Akoni Hub also includes information on bank ratings through Fitch Implied Credit Scores.
Further growth is being driven by the platform’s adviser benefits including a range of tools providing cash solutions for individuals and businesses as well as cash in SIPPs, under Power of Attorneys and trusts. This also provides a single point of entry for clients and advisers further enhancing our partners’ intergenerational wealth solutions.
The Financial Adviser zone, Open Banking and Open Finance tools, digital onboarding - all completely online - enables a fully digital Cash-as-a-Service solution” Sanjay Pandey, Executive Director, SBI UK Ltd
“We’re delighted to welcome SBI UK to the Akoni Hub platform, this partnership will further enhance our offering to our clients. With 20 Bank Partners on our platform, clients now have access to a wide range of cash savings products and can spread their risk across these providers through Akoni Hub.” Chris Kenning, CEO of Stubben Edge Group
For more information visit https://www.akonihub.com/home