SME-focused challenger bank goes live on the cloud-based platform to help ensure its client interactions are relationship-led and digitally enabled
nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced the go-live of the nCino Bank Operating System® with new SME banking entrant, Recognise, following the granting of its banking license in November 2020.
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SMEs in the UK supply 60% of jobs in the private sector and therefore have a significant impact on the economy, including playing an important role in the UK’s financial bounce-back from the COVID pandemic. Recognise understands that the SME market does not have a “one size fits all” approach. With nCino, Recognise has a nimble, scalable platform to manage clients’ specific needs and enable the bank’s employees to provide more effective customer service regardless of where they are working, all of which has been particularly vital during the pandemic when SME support is of paramount importance.
Built by bankers for bankers, nCino has helped Recognise quickly become operational by providing simple and streamlined SME banking processes. nCino’s intuitive workflow mirrors the loan journey, allowing applications – from enquiry or referral through to the loan drawdown – to be rapidly processed on a single, end-to-end platform. The cloud-based technology also helps financial institutions meet various compliance obligations while providing valuable, timesaving automation in lieu of tedious, manual tasks. With nCino, Recognise is resolving numerous pain points that are faced by SMEs and are common in day-to-day banking operations. Recognise also has the ability to further enhance and leverage the platform as the bank grows.
Jason Oakley, CEO at Recognise, said, “We exist to realise the extraordinary potential of UK SMEs, the undisputed backbone of our economy. We recognise their needs, challenges and frustrations, and by addressing them head on we’re driving prosperity, one ambitious business at a time. We do this by having a model that is led by strong relationship management, enabled by cutting edge technology. Our goal is for 80% of our employees’ time to be spent in front of clients rather than on transactional work. By working with nCino and implementing its platform, we have already seen, even at this early stage, how technology plays a valuable part in enabling a strong and effective client experience, which is why we will shortly launch our broker and customer portals to further enhance the experience for our key relationships.”
“The ease of configuration of nCino is already being evidenced as we learn from our early lending activity, and there is no need to wait months to implement enhancements, enabling us to become a SME signature bank in the UK,” added Monica Velasquez-Torres, Chief Technology Officer at Recognise. “New employees have quickly achieved the required competence through our training and testing methodologies by making use of our ‘test & play’ environment, which is a testament to the ease of navigation and intuitive nature of the nCino Bank Operating System. We’re really excited to be on this journey with nCino and for the future of SME lending in the UK as our services and technology bring a markedly different approach to this underserved market.”
“We’re thrilled to see the impact Recognise is already having on the SME sector now that they are actively lending and building client relationships,” said Charlie McIver, Vice President of Customer Success – EMEA, at nCino. “I’m extremely proud of how the nCino platform is helping Recognise provide a truly innovative service to its SME clients as well as the strong partnership our two companies have formed through the implementation process. Recognise has a thoughtful and ambitious team, dedicated to their mission, and we believe this is just the start of an amazing collaboration.”
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