Recognise Bank partners with TruNarrative to transform customer onboarding

Wednesday 13 July 2022 13:25 CET | News

Recognise Bank, a UK-based fintech, has partnered with TruNarrative, a LexisNexis Risk Solutions company, to transform the onboarding process for its small and medium-sized enterprises (SME) business lending customers.
Recognise Bank partners with TruNarrative

The bank, which received its full authorisation in September 2021, is a digital bank created for the UK’s 5.5 million 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 speed up the onboarding of new business borrowers by digitising a wide range of anti-money laundering (AML) and Know Your Customer (KYC) processes, some of which were previously carried out manually.

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.

RiskNarrative helps helps Recognise Bank’s customer onboarding team streamline the decisioning process and acts as a single source of information for credit checks, AML checks, and identity verification.

Digital onboarding for SMEs

The onboarding journey is important in creating a good first customer experience, setting the tone for the ongoing relationship, and acting as a key control point. State of the art software applications, a modern scalable technology architecture, and skilled people may be the foundation for all digital banking propositions.

Re-designing and digitising the onboarding journey with the customer at the centre has revolutionised the way business banking customers interact with their banks. This forms the foundation for a trusted relationship and results in a faster onboarding experience.

Digital onboarding requires a well-orchestrated integration and a symbiosis of technology and digital-first operations. As the SME onboarding landscape becomes more digitally and operationally mature, there is a trend to re-design and digitise onboarding for larger, even more complex companies.

To find out more about TruNarrative, check their company profile.

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Keywords: banks, partnership, digital onboarding, fintech, SMEs
Categories: Fraud & Financial Crime
Companies: LexisNexis, Recognise Bank, TruNarrative
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime



Recognise Bank



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