Recognise Financial Services, the latest challenger brand taking aim at the SME sector in the UK, has contracted with core bank provider nCino for delivery of its cloud-based Bank Operating System, as it gears up for launch in 2020.
In 2018, SME finance house City of London Group acquired Echo Financial Services as a vehicle to create a new bank for the "retail and business deposits market", subject to a successful application for a banking licence. Recognise is being led by Jason Oakley, previously Metro Bank, managing director, Commercial.
Recognise will use the nCino platform to provide onboarding, loans and deposits across all lines of business The package will also be used to integrate further third party services ranging from biometrics, to video conferencing, due diligence checks, and open banking initiatives.
Recognise's Oakley comments: "Existing providers are using old tech and there still isn’t enough innovation when it comes to SME banking. With partnerships such as this, Recognise, like ‘Lego’ can keep changing and building. Using partners like nCino will help us create an ecosystem which we can constantly update and will help us deliver a bank in a box that future proofs the needs of the customers of tomorrow".
Recognise, which is currently applying for a banking licence, has set itself a four-year target to reach 44,000 depositors and 4,500 borrowers.