Recognise implements RiskNarrative to Transform Customer Onboarding

New platform automates customer onboarding based on risk parameters

Recognise Bank, the fintech powered business lender and savings provider, has partnered with TruNarrative, a LexisNexis® Risk Solutions company, to completely transform the onboarding process for its SME business lending customers.

The Bank, which received its full authorisation in September 2021, is a digital bank created for the UK’s 5.5million SMEs, combining a national network of relationship managers with cloud-based banking technology to provide quicker decisions and faster access to funds.

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.”

Recognise Bank’s infrastructure was built to harness the very best API-based fintech available to make it flexible and easy to scale, supporting the rapid development of new products and improvements to customer service.

Bryce Glover, CEO Recognise Bank, explained: “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.”

Mike Harriss, Chief Revenue Officer at TruNarrative, said: “Recognise Bank is built on the latest tech and a passion for delivering a frictionless customer experience. Our partnership demonstrates the RiskNarrative platform is helping organisations of all sizes reduce the volume of manual compliance tasks and optimise their financial crime management.”

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. In addition, the Bank also offers personal savings accounts and recently launched business savings accounts. Six months after full authorisation the Bank hit a milestone of £100 million in lending and £95 million in savings deposits, and recently announced a fresh fundraise of £8.7 million in new capital, which will help drive its innovation activity and digital capability.

The RiskNarrative platform is used by banks, lenders, ecommerce providers, and payments services firms to confidently onboard customers, detect fraud and identify risk via a single API.