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Recognise, the New Bank for SMEs Launching in 2020, Selects nCino’s Industry-leading Bank Operating System

Vlad Poptamas

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Recognise Financial Services Ltd has announced it has partnered with nCino, the worldwide leader in cloud banking, as it prepares for launch to the SME market in 2020 to deliver a new generation of SME banking.

Recognise, a subsidiary of the City of London Group, will offer financial services to the UK SME sector and the retail and business deposits market. Subject to the granting of a banking licence, Recognise will target the underserved SME sector offering service excellence, speed, flexible structuring and a deep understanding of this vital market.

nCino offers a single end-to-end digital platform that is designed to help reduce costs by improving employee efficiency and productivity, while enhancing the customer experience and ensuring regulatory compliance. The nCino Bank Operating System provides a user-friendly, flexible and scalable platform that enables a modern banking experience.

Working with nCino, Recognise will also implement and integrate further third party services ranging from biometrics, to video conferencing, due diligence checks, and open banking initiatives allowing SMEs to share their full financial information (including current account transactional data) to achieve speed of execution in their lending product decisioning. Recognise aims to provide the best banking experience by delivering a ‘bank in a box’ that future proofs the needs of tomorrow’s SMEs.

Jason Oakley, CEO of Recognise, said, “I am delighted to announce our partnership with nCino as we get closer to launching Recognise Bank. We needed a customer-driven portal approach and nCino’s capabilities are the best fit for the enhanced level of customer experience we will be offering the UK’s underserved SMEs.”

Ed Lane, VP Sales EMEA at nCino, said, “We’re honoured to be working with the progressive team at Recognise, which is dedicated to fundamentally improving the UK’s SME banking sector. Customer expectations are changing rapidly, and today’s customers and SME owners demand digital experiences that make their lives easier. nCino enables financial institutions to onboard new customers and originate loans and deposit accounts in a fast, efficient and compliant manner. We are proud that Recognise has selected our industry-leading cloud banking platform to provide the best possible experience to its clients in order to help them grow their businesses.”

Oakley continued, “As banking entrepreneurs ourselves, we believe there are a number of key elements missing in the SME experience; SMEs currently aren’t receiving a high enough level of transparency, communication, speed and reassurance from incumbent banks. Existing providers are using old tech and there still isn’t enough innovation when it comes to SME banking. At Recognise, we will be using a blend of highly trained people and innovative expert technology to create this much needed service; leading edge technology will be the enabler for innovation and nCino offers flexibility and responsiveness. With partnerships such as this, Recognise, like ‘Lego’ can keep changing and building. Using partners like nCino will help us create an ecosystem which we can constantly update and will help us deliver a bank in a box that future proofs the needs of the customers of tomorrow. We believe and are proud to say the SME experience with Recognise Bank will be transforming and we look forward to being on their growth journey with them.”

Fintech

Credify announces seed investment by BEENEXT and DEEPCORE

Vlad Poptamas

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Credify Pte Ltd is proud to announce it has successfully closed a USD 1M seed round investment with two leading Venture Capital funds: BEENEXT and DEEPCORE.

Credify provides Universal Identity and Trust System solutions to companies active in e-commerce and finance. Credify’s Universal Identity product acts as a personal data bridge, connecting consuming services like e-commerce marketplaces and lending platforms with institutions that possess valuable, yet untapped information like identity verification results and credit scores. In this way, Credify enables entirely new revenue streams for these traditional organisations in a completely secure and data privacy compliant manner.

On top of this powerful identity system, Credify is developing an innovative credibility mechanism that addresses issues inherent to the trust systems we rely on in e-commerce and digital lending, like fraud and manipulation, that lead to an estimated USD 1T in transacted value being negatively impacted every year.

Chosen out of 250+ companies around the world, Credify is one of the outstanding startups in Plug and Play Japan’s 2020 FinTech Accelerator program. Credify was also awarded the UK Tech Rocketship: Future of Financial Services Award 2019 by the UK’s Department of International Trade and Scottish Development International.

This funding round allows Credify to enhance the development of its suite of products, further localize its software development operations in South East Asia, and move ahead with its live client engagements. ASEAN nations represent the fastest growth opportunities globally in FinTech and E-commerce: USD 72B FinTech market with 72.5% CAGR by 2020, and USD 102B E-commerce market by 2025. At the same time, South East Asia fraud rates in finance and e-commerce are one of the highest globally. Credify aims to tackle these issues with its leading-edge technologies.

Credify CEO Makoto Tominaga expressed his excitement: “This investment from BEENEXT and DEEPCORE represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies. Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises. Credify could not have asked for better partners in this early stage of our journey, and we are overwhelmed with appreciation to have this opportunity to work with both teams for many years to come.”

BEENEXT CEO Teruhide Sato shared his thoughts on the investment: “We were impressed by the quality of Credify’s multi-disciplinary team and the technology they have developed which provides great synergies with some of our portfolio companies. We look forward to supporting Credify in its business development and expansion in South East Asia and beyond.”

DeepCore commented: “We appreciate the Credify team’s deep understanding of the industry’s pain points and the ability to implement cutting-edge technologies, such as blockchain, into systems to solve issues. We hope that the excellent team that has developed the business at KERNEL HONGO will expand its business to the world by solving issues in areas where counterparty risk occurs.”

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Consumers Are Willing to Share Personal Data in Exchange for Better Customer Experience, Broadridge Study Finds

Vlad Poptamas

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Amidst a backdrop of increasing emphasis on data privacy via the introductions of the General Data Protection Regulation and California Consumer Privacy Act, nearly half of consumers in North America (45%) would be willing to share their data if it meant that it would enhance their customer experience (CX), according to a new study from global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR).

The annual study, which surveys the opinions of more than 3,000 individuals in North America on topics relating to consumer experience and essential communications, revealed that consumers’ desire for enhanced experiences coincided with an even stronger sentiment around the need for more data privacy legislation. In fact, more than 84% want more legislation that increases their ability to protect and control the personal data they provide companies, as well as greater transparency on how their data is used.

“Data privacy concerns are at a peak, and yet consumers are placing immense value on their experiences and are willing to share more of their personal data if it enhances the services they receive in return,” said Matt Swain, managing director and practice lead for communications consulting services at Broadridge. “Data is the bedrock of customer experience and providers of essential communications, like bills and statements, have a significant opportunity to modernize the way they customize consumers’ experiences. This can only be done if they are clear about what data is needed, how it will be managed and, ultimately, how it will improve the lives of their customers – on and offline.”

Demand for Paperless Communications Rises, and Companies are Missing Out

When it comes to essential communications, interest in going digital is growing. Compared to the 45% who prefer paper, two out of three respondents (67%) switched at least one bill or statement to paperless in the last year.

Although there’s increasing demand for digital bills and statements, the data suggests a missed opportunity for companies to grow paperless adoption, customer engagement and convenience at the onset of the relationship, while cutting costs. Only four out of 10 consumers were asked to go paperless when they opened a new account and 29% said that they were never asked at all.

In terms of motivations for going paperless, most respondents (72%) agree that reducing clutter was their primary reason for switching to online communications from their providers this past year.

Helping Consumers Take Financial Control with Advanced Features

Consumers making the leap to paperless are also increasingly looking to get more out of their bills and statements so they can take control of their finances. In fact, 72% would prefer advanced options, such as customizable dashboards, to control the look and feel of bills and statements. For those who have investment or retirement funds, insights and recommendations on their activities and spending relative to their financial goals are increasingly important (59%).

Interestingly, nearly one-third (29%) of respondents say they never review their bills or statements for reoccurring “zombie subscriptions,” which often hit consumers’ bank accounts unexpectedly.

Beyond customization of communications, consumers also want centralized delivery and storage options for bills and statements in the cloud (40%), particularly when it comes to accessing important and time-sensitive financial information. More than two-thirds (69%) of respondents say having all their financial documents in one archived location would make things like filing taxes much easier.

“Companies have the opportunity to transform the customer experience through bills and statements,” added Swain. “By reframing these household communications, companies can create more meaningful engagement with their consumers, helping simplify and organize their bills and statements, while also creating new layers of brand equity and additional revenue opportunities.”

To download the report, click here.

Methodology
Broadridge Customer Communications commissioned ENGINE to conduct a CARAVAN Omnibus Survey. The 45-question survey was administered between November 6-13, 2019, to 3,006 U.S. and Canadian residents ages 25 and older. The sample was weighted to current U.S. and Canadian Census data for age, gender and region. The figures are statistically significant at the 95% confidence level with a margin of error of ±2 percentage points.

 

SOURCE Broadridge Financial Solutions, Inc.

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Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)

GlobeNewswire

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Dublin, Feb. 18, 2020 (GLOBE NEWSWIRE) — The “Global Digital B2B Payments Market: Size, Trends & Forecasts (2020-2024)” report has been added to ResearchAndMarkets.com’s offering.
This report provides an in-depth analysis of the global digital B2B payments market, with a detailed analysis of market size and growth. The report provides an analysis of the digital B2B payments market by value and by modes.The global digital B2B payments market has observed stable growth in the past few years and the market is further expected to rise at an affirmative rate during the forecasted period (2020-2024). The growth of the global digital B2B payments market would be bolstered by the growth drivers such as growing real-time payments, increasing adoption of cloud-based solutions, escalating smartphone penetration, emerging B2B e-commerce industry, swelling business process automation, rising urbanization, increasing cross border payments, etc.The major players dominating the digital B2B payments market are Alibaba Group (Ant Financial), American Express, Bottomline Technologies Inc., and Coupa Software Inc. The four companies have been profiled in the report providing a detailed analysis of their financial information and business strategies.Key Topics Covered: 2. Introduction
2.1 Payments: An Overview
2.2 B2B Payment: An Overview
2.3 History of B2B Payments: An Overview
2.4 B2B Payments End-User: An Overview
2.5 Digital Payments: An Overview
2.6 Process of Invoice to Payment Automation
2.7 Streams of Digital B2B Payments: An Overview
For more information about this report visit https://www.researchandmarkets.com/r/ejgrq0Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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