Recognise Bank has partnered with TruNarrative to transform the onboarding process for its SME business lending customers.
The Bank, which received its full authorisation in September 2021, says the LexisNexis RiskNarrative platform will further speed up the onboarding of new business borrowers by digitising a wide range of Anti-Money Laundering and Know Your Customer processes, some of which were previously carried out manually.
Mo Fadaei, director, banking platforms and partnerships, Recognise Bank, said: “RiskNarrative helps our customer onboarding team streamline the decisioning process and acts as a single source of information for credit checks, anti-money laundering checks, and identity verification, alerting us to anything that falls outside of the set parameters so we can review the information.
“Using RiskNarrative has increased the speed of execution and decision-making, which of course means we can onboard more customers more quickly. For SMEs this ultimately leads to quicker lending decisions and faster access to the funding they need to help their businesses grow.”
Bryce Glover, CEO Recognise Bank, added: “Our mission was to build a digital bank with the personal touch for SMEs who are not being properly supported by the mainstream banks, so our philosophy has always been simple: put the customer first and use the best technology available to create the products and services they need to be able to make their businesses grow and prosper.
“Working with TruNarrative and LexisNexis Risk Solutions we have found another partner that shares our philosophy, creating a solution that brings speed and efficiency to the Bank’s risk-checking processes, which in turn benefits our customers.”
