LONDON & WILMINGTON, N.C.--(BUSINESS WIRE)--nCino, the worldwide leader in cloud banking, today announced that OakNorth Bank has successfully deployed its Bank Operating System. This is the first financial institution outside of the United States to deploy nCino’s platform, expanding the company’s presence to new markets across Europe.
A young bank with a focus on serving rapidly growing businesses in the U.K., OakNorth recognized the need for a digital solution that would enable it to cost effectively configure loan processes and quickly scale. After comparing a number of potential options, the bank selected nCino’s Bank Operating System. OakNorth valued nCino’s reputation and vast experience with U.S. banks of all sizes, and liked that nCino was built on Salesforce.com, allowing the bank to extend its use of this world-class customer relationship management (CRM) platform. Because the Bank Operating System combines traditionally disparate point solutions such as CRM, loan origination, business process management and reporting in a single, secure cloud-based environment, OakNorth is now able to facilitate a more transparent, productive loan experience.
“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 favor of a new way of banking,” explained 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 is considered a fintech leader in Europe for how it has embraced the cloud. The bank has committed to cloud-based systems for its agility to keep pace with market changes and evolving consumer preferences, as well as its flexibility to simplify integration points and expand product offerings faster. Since implementing nCino’s Bank Operating System, OakNorth has gained a spectrum of new efficiencies across its commercial lending business, all while delivering new visibility into its portfolio of customer relationships. The bank also benefits from the unique security framework provided by nCino, which utilizes the Salesforce.com cloud architecture and data center structure.
“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.”
nCino is the worldwide leader in cloud banking. With its Bank Operating System, built on the Salesforce platform, financial institutions can deliver the speed and digital experience that customers expect, backed by the quality and transparency that bankers need. Follow @nCino or visit www.ncino.com.
About OakNorth Bank Limited
Launched in September 2015, OakNorth is a UK bank that is democratising nonstandard lending by combining fundamental credit analysis with data analytics and machine learning.
In the last two years, the bank has:
- Raised over £115m of equity capital;
- Become the first UK bank to have its core systems fully-hosted on the cloud (May 2016);
- Turned cash flow positive (August 2016);
- Grown its loan book to over £550m;
- Raised retail deposits from over 10,000 savers; and
- Been listed on The Leap 100: the definitive list of the UK’s most exciting and fastest-growing businesses (April 2017).
The bank was founded by Rishi Khosla and Joel Perlman, themselves entrepreneurs who were inspired to launch OakNorth following the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
Unlike incumbent banks who tend to take a ‘computer says no’ approach to non-standard lending, OakNorth leverages a combination of fundamental credit analysis with data analytics and machine learning to service this market at scale. It also gives clients the ability to discuss their loan requirements and growth ambitions directly with the Credit Committee.
This differentiated process enables deals – from first meeting to disbursement of cash – to be typically completed in weeks rather than the months it takes at larger institutions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit oaknorth.com for more information.