We were very frustrated with the quality of the online banking experience delivered by high street banks and the lamentably slow pace of change. So we decided to invest some of our own time in investigating whether we could set up some kind of very simple, online-only bank-like entity in order to demonstrate how much better things could be.

It quickly became apparent that starting a credit union was the most obvious approach, which is why the we called it Project Credit Union, but really that’s just one way of tackling the problem.

We started by working on the project full-time for a couple of weeks and started building a wiki. We wrote a manifesto which summarised what we hoped to achieve and daily notes to record our progress.