B-North chooses Mambu and nCino for core technology
The Manchester neobank, which is still awaiting a licence from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a US-based cloud banking tech provider, nCino.
The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.
“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” says B-North CTO, Ewan Hutton.
He adds: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”
B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.
Currently, SMEs make up 99% of UK businesses and employ more than 16 million people.
nCino’s area vice-president, Jacqui Morcombe, says: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”