Santander UK replaces 13 legacy systems with nCino technology
Santander UK is set to replace 13 legacy systems in its SME, corporate and commercial banking operations with nCino’s bank operating system.
Santander UK, a wholly-owned subsidiary of Banco Santander, is looking to implement a “digital platform and modern technology stack that can be rapidly configured, tested and launched as market trends demand.”
“Customer expectations are constantly changing,” says Jonathan Holman, head of digital transformation at Santander UK. He adds that it was “imperative” that the bank found the right partner during the selection process.
nCino’s bank operating system will be deployed at Santander on an outsourced basis. For Holman, this means that the bank will be able to onboard customers “more quickly, more efficiently, and respond to customer needs while remaining compliant with regulations.”
Pullen Daniel, international managing director of nCino, adds: “Santander UK understands the importance of adapting to changing customer expectations and market needs, and has invested accordingly. We are extremely proud to work with this innovative and customer-centric institution.”
Banco Santander revealed a €1.5 billion hit to its UK division’s value this week, something that the banking group blamed largely on a complex regulatory environment in the UK market, specifically the ringfencing of investment banking from retail banking.
Increased market competition and economic uncertainty created by the imminent departure of the UK from the European Union were also cited as reasons for the writedown.