In its bid to create a financial services alternative to SMEs, Recognise has picked nCino’s banking operating system to be the backbone of its offering.
Recognise is a subsidiary of the City of London Group. It is planning to launch in 2020 to deliver a new generation of SME banking. The launch is subject to Recognise being granted a banking licence.
nCino is the developer behind a single end-to-end digital platform that is designed to help reduce costs by improving employee efficiency and productivity, while enhancing the customer experience and ensuring regulatory compliance. The nCino Bank Operating System provides a user-friendly, flexible and scalable platform that enables a modern banking experience.
“I am delighted to announce our partnership with nCino as we get closer to launching Recognise Bank,” said Jason Oakley, CEO of Recognise. “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.’’
He added, “As banking entrepreneurs ourselves, we believe there are a number of key elements missing in the SME experience; SMEs currently aren’t receiving a high enough level of transparency, communication, speed and reassurance from incumbent banks.
“Existing providers are using old tech and there still isn’t enough innovation when it comes to SME banking. 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. With partnerships such as this, Recognise, like ‘Lego’ can keep changing and building.”
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