New platform automates customer onboarding based on risk parameters.
Recognise Bank, the fintech powered business lender and savings provider, has partnered with TruNarrative, a LexisNexis® Risk Solutions company, to completely transform the onboarding process for its SME business lending customers.
The Bank, which received its full authorisation in September 2021, is a digital bank created for the UK’s 5.5million SMEs, combining a national network of relationship managers with cloud-based banking technology to provide quicker decisions and faster access to funds.
Recognise Bank’s infrastructure was built to harness the very best API-based fintech available to make it flexible and easy to scale, supporting the rapid development of new products and improvements to customer service.
The LexisNexis® RiskNarrative™ platform will further speed up the onboarding of new business borrowers by digitising a wide range of anti-money laundering and know your customer processes, some of which were previously carried out manually.
The RiskNarrative platform™ is used by banks, lenders, ecommerce providers, and payments services firms to confidently onboard customers, detect fraud and identify risk via a single API.
Mo Fadaei, Director, Banking Platforms and Partnerships, Recognise Bank, said: “RiskNarrative helps our customer onboarding team streamline the decisioning process and acts as a single source of information for credit checks, anti-money laundering checks, and identity verification, alerting us to anything that falls outside of the set parameters so we can review the information.
“Using RiskNarrative has increased the speed of execution and decision-making, which of course means we can onboard more customers more quickly. For SMEs this ultimately leads to quicker lending decisions and faster access to the funding they need to help their businesses grow.”
Bryce Glover, CEO of Recognise Bank, explained: “Our mission was to build a digital bank with the personal touch for SMEs who are not being properly supported by the mainstream banks, so our philosophy has always been simple: put the customer first and use the best technology available to create the products and services they need to be able to make their businesses grow and prosper.
“Working with TruNarrative and LexisNexis Risk Solutions we have found another partner that shares our philosophy, creating a solution that brings speed and efficiency to the Bank’s risk-checking processes, which in turn benefits our customers.”
Mike Harriss, Chief Revenue Officer at TruNarrative, said: “Recognise Bank is built on the latest tech and a passion for delivering a frictionless customer experience. Our partnership demonstrates the RiskNarrative platform is helping organisations of all sizes reduce the volume of manual compliance tasks and optimise their financial crime management.”
About Recognise Bank
Recognise Bank was created to serve the UK’s 5.5million SMEs, who are the lifeblood of the country’s economy, but have increasingly been ignored by the mainstream banks who have centralised their small business support to call centre-based customer service and a rigid range of tick-box lending products.
Instead Recognise Bank supports the underserved but growing SME sector by offering relationship-led lending via a network of regionally based relationship managers and support teams, backed by leading cloud-based technology to provide better customer service, quicker decisions and faster access to funds.
Led by an executive team with expertise in building successful financial services and technology businesses, backed by a strong board with experience of both the financial services and ecommerce sector, Recognise Bank has delivered against its growth plan on time since it was first set-up in 2018, making it one of the fastest growing new SME banks in the UK.
Recognise Bank is a subsidiary of the City of London Group, which is an AIM Listed Company (AIM: CIN) involved in the provision of financial services.
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