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Friday, November 22, 2019

Opinion > Recognise

This is the world of new rules and ideation for SME banking

Jason Oakley, CEO at Recognise | 08:55 Wednesday 6th November 2019

The banking ecosystem is changing and there is possibly no better time than now for digital transformation, with technologies being readily accessible, more powerful and more economical than ever before.

The IT landscape is also constantly moving, and success will ultimately depend on how strategy, technology and operations work together across domains to deliver a seamless customer experience. SMEs are facing many challenges when it comes to banking and finance due to the variety, complexity and multiplicity of requirements. Innovation in the SME banking segment is yet to truly penetrate. However, at Recognise, we are applying a concept of composability to create the ‘symphonic’ bank, where different technologies and solutions are melded together to deliver maximum benefit for customers. This means we will provide financial services experiences and products that fit SME owners’ busy daily lives and help them in their future growth.

Working with Mambu and nCino, both cloud-enabled, we will be able to deliver core modernisation and data management, with storing and processing for effective decision making, without the common issues of legacy technologies and tightly coupled technology environments. This is the reason why the sophistication of the cloud and its diverse offerings is an attractive option to us, not only for the efficiencies we achieve, but also for the agility and scale it gives to an evolving ecosystem that follows a connected flow of information generating new insights, experiences and optimisation. 

Recognise is determined to deliver a different SME experience by utilising and merging different approaches — high-tech with personalised relationship management — with journeys and sub-journeys that are relevant and logical. It provides us with a future-proof platform for when we start considering adopting other technologies, such as machine learning, and then eventually more advanced ones, such as quantum computing. The use of nCino, Mambu and the Mambu Process Orchestrator (MPO) and other components allows us to develop an entirely new customer value exchange through API suites connecting various elements, including data aggregation, intelligence and insights. This powerful ‘brain’ is helping us to re-engineer the customer experience and to understand that being digital is about creating cutting-edge experiences, but also a level of satisfaction that is shaped by our customers across the different communication channels. With our ecosystem of technologies, we can apply design thinking through iterations to develop seamless experiences that meet our customer expectations as well as accommodating our internal processes and operational efficiencies. It also allows us to introduce new components and to be free to innovate. This will drive better understanding and service. 

Recognise is acting today to benefit tomorrow through radical changes and being prepared to adapt. Our composable architecture with nCino, Mambu and the MPO stimulates thinking outside the box and, ultimately, allows us to build the future more imaginatively — this is the world of new rules and ideation for SME banking.

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