B-NorthManchester-based challenger bank B-North has selected SaaS banking engine Mambu to provide core banking technology for its SME lending bank.

Mambu and cloud-banking supplier nCino will collaborate to integrate Mambu’s core banking engine with nCino’s cloud-based loan and deposit origination platform.

“…Mambu is committed to enabling access to modern financial services for all. The UK SME sector holds significant potential for growth, and we see that B-North has a wealth of first-hand experience in this sector and are building a business with the needs of SMEs in mind. Together with nCino and B-North, our technology will enable SME borrowers to obtain lending in a fraction of the time it currently takes, meaning business owners will have more time to do what matters – developing their businesses – without having the long wait for funding,” said Mambu CEO Eugene Danilkis.

The new platform will allow B-North to process loans at speed to deliver a highly efficient service to its SME customers, with minimum hassles. The model will allow loans to be made available to SMEs in as little as 10 working days, B-North said in a statement.

“B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture – with nCino and Mambu at the centre – B-North is establishing itself as a customer-centric institution keen on delivering exceptional new services to SMEs quickly and without the constraints of inflexible systems as market pressures shift,” Jacqui Morcombe, nCino Area Vice President commented.

“Not only will this operating model provide a true competitive advantage, B-North will be able to better meet regulatory demands for greater transparency and nimbly address evolving standards for customer service and delivery,” Morcombe added.

B-North is a challenger bank that is being developed to serve the UK business lending market. It is in the process of applying for its banking licence.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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