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Genuine, customer-friendly service

Success Story

Recognise Financial Services, a subsidiary of the City of London Group, offers financial services that include retail and business deposits to the UK SME sector. Their customer-focused approach is set to deliver a bespoke banking experience to many underserved small and medium-size enterprises in the market.

Customer base

Launching 2020

Segment

SMB

Mambu's role

Cloud banking platform

Recognise was founded to realise the extraordinary potential of UK’s SMEs - the undisputed backbone of the country’s economy. The bank’s name was chosen because the founders recognise the market's challenges, its ambition and diversity, and have the ability to innovate and inspire within today’s underserved SMEs.

A bank fully dedicated to SMEs, Recognise will provide competitive savings accounts for business and personal customers fully protected by the Financial Services Compensation Scheme next year. Recognise leverages the latest technology to deliver quick decisions, flexible structures and swift execution coupled with a genuine relationship management approach.

Unlocking SME growth

During the past decade business lending and associated services to SMEs have become steadily less customer-friendly. The erosion of this expertise within banks has been one of the side effects of the global economic crisis of 2008. Trying to save costs, incumbents switched their customer services to telephone-based communication, which in turn diminished their relationship with the SMEs to help lines and call centres. With this, the human understanding of the SME customer, their accessibility and bank’s responsiveness to their challenges has slowly but surely diminished.

The founders at Recognise identified this as a huge gap in the market place and seized the opportunity to create a customer-friendly SME bank that will get under the skin of an enterprise, understand their ambitions and needs and help them achieve their goals. To achieve this, Recognise leverages the best available technology, balancing it with an absolute focus on personal relationships and developing a regional presence in the UK.

We invested in our architecture from the start, future-proofing our business and ensuring first class service and continuity for our customers.
Jason OakleyCEO, Recognise

The ecosystem

Speed and flexibility are critical for SMEs and the current banking providers are no longer fit for purpose because they are held back by their complex, legacy infrastructures. As a legacy-free greenfield, Recognise took a cloud-native approach and selected Mambu. Mambu’s composable banking platform enables Recognise to consistently meet business and customer demands in an ecosystem where changes in technology and customer behaviour are continuous. This enables Recognise to fully realise the many benefits of the cloud, control how to use the platform to support the offering, while also enabling growth and ensuring the delivery of better banking services to SMEs.

Recognise collaborated closely with the Mambu team and our partner nCino to place Mambu’s platform at the core of its API-driven architecture and used the Mambu Process Orchestrator as the integration layer to the digital engagement layer and other services.

We are really excited to work with Mambu and explore the ways in which we can enhance the overall customer experience through a composable architecture.
Monica VelasquezCTO, Recognise

Target market: “gazelles”

Recognise will target the UK’s established, profitable small and medium sized companies that are ready to scale but are not large enough to borrow seven- or eight-figure sums from the incumbent banks. There are about half a million of so-called “gazelles” in the UK – profitable, fast-growing smaller companies that are ‘debt-hungry’ but who struggle to start a meaningful dialogue with their existing banks.

Recognise wants to fill that gap by providing the relationship-based service these businesses are looking for. Leveraging the best in cloud technology, Recognise will guarantee continuity. The bank’s SME clients will be able to speak to their relationship manager whenever they want and will also have direct access to their credit and loan-management officers. Each relationship manager at Recognise will have around 100 clients, giving them substantial capability to make the service bespoke and personal.

Recognising needs and providing the right support

When Recognise was established in 2017, the team could have not predicted that they will be launching amidst the COVID-19 economic disruption. The team is confident that the pandemic has reinforced the need for their offering, because now more than ever businesses need real advisors who understand their needs and can provide necessary support in the tough years ahead. Recognise’s highly anticipated launch is scheduled for end of 2020.