Fintech powered challenger bank, Recognise Bank, has made a number of important changes as it accelerates its digital capability following the creation of a new department concentrating on innovation and development.
This follow’s last week’s successful fundraise of £8.7 million in new capital.
Ronelle Arbib has become the Recognise Bank’s first Chief Operating Officer (COO), stepping up from her previous role of Head of Customer Experience, and will join the Bank’s Executive Committee. Mo Fadaei has been promoted to Director, Banking Platforms and Partnerships. He was previously the Bank’s Head of Technology, Change and Transformation.
The creation of the COO role reflects the Bank’s increased focus on its digital agenda and the need for innovation to flow through every part of the business. Arbib will work with all parts of Recognise and be responsible for coordinating activities in support of the Bank’s operational policies and objectives. She will also lead the design and implementation of the activities of the innovation team, while continuing to head up customer experience.
As Director, Banking Platforms and Partnerships, Fadaei will be Responsible for overseeing the Bank’s existing technology architecture, while also directing Recognise’s future product strategy and delivery. He will continue to lead relationships with the Bank’s key technology partners, including Mambu and nCino.
Speaking of her new role, Arbib said: “This is an exciting new opportunity for me and one that is crucial to the future development of Recognise Bank and its ongoing success. We have already shown that our combination of personal relationship banking and cutting-edge technology is what small businesses want. Now we need to build on that to innovate new and better products and services to help SMEs grow and thrive.”
Fadaei said: “We have already created a fully authorised, award-winning bank in just a few years. But we are not going to rest on our laurels. My job is to keep pushing the innovation agenda, ensuring our infrastructure and strategic partners support the Bank’s ambitious growth plans, now and in the future.”
Bryce Glover, CEO of Recognise Bank, said: “These promotions show our commitment to our digital agenda and the importance of innovation, not only to Recognise Bank, but across the entire financial services sector. I am delighted for both Ronelle and Mo - they will be brilliant in their new roles, and this shows Recognise has created the right environment to find and grow new talent in a highly competitive market.”
Recognise Bank was created to provide SMEs with digitally enabled, relationship-led banking, offering a range of unregulated lending options via a network of relationship managers across the UK. Despite only receiving its full authorisation in September 2021, Recognise has already achieved £100 million in lending. In September 2021 it also launched a range of Personal Savings accounts, which has so far attracted £95 million in deposits, launching Business Savings accounts in April this year.