New SME banking entrant Recognise has appointed Mambu to transform and improve its banking service levels.

Recognise, launching in 2020, will offer financial services to the UK SME sector and the retail and business deposits market. Subject to the granting of a banking licence, it will target the underserved SME sector.

Jason Oakley, Recognise CEO, said: “For too long SMEs have had to do with below average service levels. We know that speed and flexibility is critical for SMEs and the current SME banking providers are no longer fit. This is why we have decided to select a cloud-based solution that is modern and open early on our journey.”

This comes as the banking ecosystem is subject to changes, in technology and customer behaviour, on a regular basis.

Composable banking

Mambu’s composable banking solution aims to enable Recognise to meet business and customer demands consistently.

Monica Velaquez, Recognise CTO, said: “We are really excited to work with Mambu and explore the ways we can enhance the overall customer experience. With Mambu we will be able to apply innovation initiatives to build the new foundations of SME banking through the Mambu Core and Mambu Process Orchestrator.

“It is a pleasure to take forward this partnership with Mambu and embrace the opportunities, new technologies and frameworks that will improve the banking experience for SMEs in the UK. ”

Mambu’s appointment follows Recognise’s decision to select nCinco. Mambu, nCino and Recognise aim to transform the SME banking relationship through building technology infrastructure.

Ben Goldin, Mambu CTO/CPO, said:“It’s been a great opportunity for us to work with Recognise. Once again we have proved the value and power of our composable banking approach.

“We are enabling Recognise to provide remarkable customer experience to their end-client by combining Mambu with other best-for-purpose partners like nCino and bring the composable architecture to life using Mambu Process Orchestrator.  We see this partnership approach as the future of banking technology.”