Vanquis takes “game-changing” step in digital transformation journey

Leading specialist bank Vanquis is taking a “game-changing” step in its digital transformation journey in partnership with technology provider Fiserv, Inc.

Vanquis will become the first bank to select Fiserv’s next-generation processing platform, Vision NextTM, an end-to-end solution that delivers global processing economies of scale plus fully integrated adjacent services that span the issuing lifecycle.

Vanquis is the UK’s largest specialist finance provider for financially underserved customers. Headquartered in Bradford and listed on the London Stock Exchange, Vanquis serves 1.69 million customers through core banking services and Snoop, a platform that helps individuals save money on spending and household bills.

Vanquis transforming into a modern, digitally-led bank

Built on a cloud-native, integrated suite of payment solutions, Vision NextTM enables banks to accelerate digital transformation, adapt to evolving customer expectations and deliver highly configurable and scalable services designed to meet modern demands, according to a press release.

The implementation of Vision NextTM forms part of Vanquis’s Gateway program, which aims to establish a scalable digital platform by mid-2026. A technology foundation is central to the bank’s strategy of becoming a digitally-led institution positioned for sustained growth.

“We’re building real momentum at Vanquis as we transform into a modern, digitally-led bank positioned for long-term, profitable growth,” said Ian McLaughlin, CEO of Vanquis. “Our Gateway program will give us a scalable, digital-first platform by mid-2026 and choosing to extend our successful partnership with Fiserv and to integrate its cloud-native, integrated suite of payment solutions is a game-changing step in that journey.”

Financial institutions under pressure to innovate

Financial institutions must stay ahead of the curve in a world that’s always changing, Katia Karpova, head of the EMEA region at Fiserv. “Fiserv is redefining financial institutions’ capabilities and delivering next-gen solutions with Vision Next. We are delighted to partner with Vanquis to accelerate its digital transformation and help it meet its customers’ evolving needs.” 

Financial institutions are faced with immense margin pressure in today’s environment, coupled with challenges surrounding competition, talent retention, attraction and regulation, Anna Kooi, financial services and financial institutions practice leader at advisory and accounting firm Wipfli, told PEX Network. Such factors require financial services to focus on operational excellence (OPEX) and ways to drive further efficiencies for sustained long-term performance.

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OPEX is integral to financial services spanning operations, finance and culture, with a key focus on business automation, added Sandeep Makwana, chief operating officer (COO) at Xebia. “Financial services organizations that pursue OPEX can maximize efficacy, accuracy and reliability in everything from risk management to customer service, all with the end goal of providing value to customers.”

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