Ed Lane, VP Sales EMEA at nCino

nCino has partnered with UK-based SME bank Recognise Financial Services Ltd to assist the latter in its SME market launch in 2020. The bank stated that it aims to provide financial services to the UK SME sector, retail, and the business deposits market along with the provision for accuracy, speed, and enhancements to the SME sector.

Jason Oakley, CEO of Recognise said “We needed a customer-driven portal approach and nCino’s capabilities are the best fit for the enhanced level of customer experience we will be offering the UK’s underserved SMEs.At Recognise, we will be using a blend of highly trained people and innovative expert technology to create this much-needed service; leading-edge technology will be the enabler for innovation and nCino offers flexibility and responsiveness.’’

According to Oakley, in the current scenario, SMEs are struggling to achieve transparency, speed, and reassurance from incumbent banks owing to old technology and lack of innovation.

nCino stated that the partnership will allow Recognise to integrate third-party services including biometrics, video conferencing, due diligence checks and open banking initiatives thereby allowing SMEs to accelerate their lending product decisioning and execution. The supplier’s Bank Operating System aims to provide an end-to-end digital banking platform for cost reduction, achieving regulatory compliance and enhancing the customer experience.

Ed Lane, VP Sales EMEA at nCino said, “We’re honored to be working with the progressive team at Recognise, which is dedicated to fundamentally improving the UK’s SME banking sector. nCino enables financial institutions to onboard new customers and originates loans and deposit accounts in a fast, efficient and compliant manner.”

A subsidiary of the City of London Group, Recognise Financial Services aims to provide financial services to the UK SME sector and the retail and business deposits market and partners with fintech platforms to create an SME service.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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