FCA and PRA authorised GB Bank procures TruNarrative technology to deliver its onboarding and transactional risk strategies.
GB Bank, a new bank focussed on getting Britain building again, has today [date] announced it has chosen Leeds-based regtech innovator TruNarrative, a LexisNexis® Risk Solutions company, to provide its full suite of customer onboarding and transactional risk compliance capabilities.
GB Bank aims to support under-served SME property developers and is the first UK tech-driven lender to exclusively provide SMEs, construction companies and property developers access to finance up to £5 million.
The start-up bank will also provide competitive fixed rate FSCS protected savings accounts that allow savers to complete account opening within minutes and manage their accounts online.
With a focus on supporting regional projects and businesses, GB Bank is set to lend £3 billion across the next five years, building a £1 billion-plus balance sheet by funding construction of 20,000 homes and several million square feet of commercial space.
TruNarrative is a trusted supplier to numerous financial institutions, being a vital part of their financial crime prevention and compliance strategies. The TruNarrative platform enables banking, lending, ecommerce and payments firms to safely onboard customers, detect fraud and identify risk via a single API.
With a requirement to make rapid, high-value lending decisions central to its overall proposition, GB Bank went to market for a solution to facilitate low-friction customer journeys, robust compliance, and risk mitigation across its customer base.
TruNarrative will deliver a full suite of compliance technology, automating onboarding processes including: AML, KYC, document validation, PEPs, sanctions and adverse media checks, bank account authentication, and full transactional risk monitoring.
Using TruNarrative, GB Bank will be able to build a complete risk profile for each customer using transactional monitoring with risk visibility over applications, deposits, withdrawals, and repayments.
With access to over 50 third-party data providers within the TruNarrative App Store, GB Bank will be able to build bespoke and compliant customer journeys for its multiple products, allowing the team to make lending decisions with the full customer picture in view.
TruNarrative will integrate with GB Bank’s state-of-the-art technology stack, including core banking systems, front-end user interface and reporting framework, delivering a seamless experience for both the bank’s operational teams and its customers.
GB Bank will be able to access a full case management system for manual reviews and referrals, a natural language rule builder allowing for rapid strategy changes, and a comprehensive audit trail with instant recall of data for regulatory purposes.
“GB Bank has a strong focus on technology and automation, and we are always on the lookout for new innovative businesses to partner with,” said Edward Vaughan, Head of Banking for TruNarrative. “I am delighted that GB Bank has selected TruNarrative for compliance and financial crime technology, and we look forward to continuing to support the growth of the Bank.”
“Since gaining our provisional banking licence we have been able to push forward at pace with the bank build and that is in part thanks to the due diligence that went into researching and securing the right technology for our needs,” said Stephen Lancaster, GB Bank’s CEO. “We didn’t want a legacy system for GB Bank, but a bespoke and secure, customer-centred solution. TruNarrative is helping us fulfil that need and it is great to have the team on board as a partner as we move ever closer to launch.”
Dan Argent, GB Bank’s Head of Financial Crime, added: “TruNarrative enables GB Bank to access a wide range of data providers and deliver real time end-to-end decision making via a single, simple to use platform.”
About GB Bank
GB Bank is a new specialist bank that will bring much needed financial support to property developers in underserved regions, underpinned by an exciting savings proposition. It was founded by brother and sister co-founders Stephen and Emma Black, and technology entrepreneur Stephen Lancaster, whose vision was to create a specialist bank targeting the provision of development finance in the UK regions.
Working alongside a highly experienced and professional Board, Executive Committee and Management team, GB Bank has successfully secured its UK banking licence (Authorised with restrictions or ‘AWR’), which means it has been authorised and regulated to trade with restrictions by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). The bank’s senior team is led by Chair Paul Rippon, who co-founded Monzo and Starling.
There is a serious under-supply of housing in Britain. Alongside availability of land and planning permission, access to finance is a key driver of this. GB Bank intends to get Britain building by providing bespoke development finance to property developers in underserved regions. It will also offer savings rates that the UK public will love. GB Bank is determined to be a powerful force and make a tangible impact in property development in the UK. GB Bank aims to play a key role in the government’s vision of levelling up the UK which will see greater investment in deprived areas – many of which are within GB Bank’s heartland of the North.
In 2020, GB Bank (then GBB) was delighted to announce it had secured £20 million investment from the Teesside Pension Fund (TPF). It has since secured a further commitment from the TPF of up to £28 million.
GB Bank also intends to provide property development loans of between £1 million and £5 million, supporting regional property developers, small and medium sized businesses, and construction companies across the North East, Yorkshire and North West. It aims to lend £3 billion over five years building a £1 billion plus balance sheet. It will fund almost 20,000 homes and several million square feet of office space, supporting the creation of over 100,000 jobs. For savers, competitive fixed rates will be protected by the Financial Services Compensation Scheme (FSCS).
To follow their journey, please visit www.gbbank.co.uk.
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