OakNorth has successfully deployed nCino’s bank operating system, claiming to be the first bank from outside the US to use the cloud banking firm’s platform.
This will allow OakNorth to cost effectively configure loan processes and quickly scale.
The challenger bank selected nCino as it liked the fact that it was built on Salesforce.com, which would allow the bank to extend its use of this customer relationship management platform.
“As a younger bank with a fresh perspective, we saw an opportunity to provide superior banking services to our customers by forgoing traditional, antiquated, siloed systems in favour of a new way of banking,” said Francesca Gandolfo, chief operating officer of OakNorth Bank.
“nCino has helped us further that vision by working alongside our core to reduce laborious manual tasks and incorporate automation into our loan process, increasing loan quality, controls and speed via the cloud.
“With the nCino platform, we look forward to continuing our institution’s growth during this exciting time in the financial services industry.”
OakNorth has committed to cloud-based systems for their ability to keep pace with market changes and evolving consumer preferences, as well as their flexibility to simplify integration points and expand product offerings faster.
The bank has gained a spectrum of new efficiencies across its commercial lending platform since implementing nCino’s bank operating system and has also benefited from the security framework provided by nCino.
“OakNorth Bank’s pioneering perspective on cloud banking – combined with its commitment to providing optimal customer service – makes it an ideal nCino partner,” said Pierre Naudé, CEO of nCino.
“The bank has already added a valuable level of productivity, speed and digital engagement to the loan process for both its employees and customers.
“We are excited to see how OakNorth continues to drive transformation in banking, and look forward to partnering with other European-based financial institutions as cloud adoption continues to increase.”
Customers choose banks based on security over rates
Banking customers are placing a greater importance on security rather than savings rates, new resear...
FOS reveals rise in internet and phone banking complaints
The number of complaints received by the Financial Ombudsman Service (FOS) regarding internet/phone...
60% believe capital requirements increase will prevent new bank entrants
The new capital requirements will make competition with the large banks more difficult, one challeng...
Wesleyan Bank to provide additional £50m to SMEs
Wesleyan Bank has announced a new asset finance funding programme to help SMEs to grow and compete a...
FCA to consult on new rules for current account providers
The FCA has announced proposals to help customers make effective comparisons on the service levels o...
Lloyds Bank removes arrangement fees for small business customers
Lloyds Bank has announced the removal of term lending arrangement fees for small businesses...
Charter Savings Bank increases rate on one-year fixed cash Isa
Charter Savings Bank has increased rates on its one-year, fixed-rate cash Isa by 0.05% to 1.21% AER...
PCF Bank launches
PCF Bank has announced that it has received notification from the PRA and FCA that its regulatory re...
UTB provides £140,000 loan for overdue tax bill
When United Trust Bank (UTB) was approached by one of its key broker partners to assist a firm of so...