Alba Bank Empowering SMEs with nCino’s Cloud Banking Technology

Scottish fintech Alba Bank, one of the newest challenger banks is adopting the nCino Cloud Banking Platform to revolutionise the way it supports the growth of SMEs.

Why nCino and Why Now?

With the world increasingly moving towards digital solutions, Alba Bank’s choice of nCino’s cloud banking platform couldn’t be timelier. This secure, cloud-based solution will streamline Alba’s lending processes from start to finish right from the initial loan application to the final fund disbursement. What does this mean for SMEs? Faster, more efficient, and more reliable access to essential funding.

The nCino Difference

The integration of nCino’s platform with Alba’s core banking engine is a game changer. It simplifies the loan application process, enabling digital submissions, real-time progress monitoring, and quick digital sharing of loan decisions. This integration is expected to significantly reduce the time it takes for Alba’s underwriting team to review and approve loan applications.

Alba’s Journey and Commitment

Earlier this year, Alba was granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Currently, in its mobilisation phase, Alba is focused on building its team, operations, and infrastructure. With its partnership with nCino, Alba is ready to hit the ground running, ensuring that it is technically and operationally ready to start lending from day one.

Andrew Lewis, Chief Risk Officer at Alba Bank, highlights the importance of this partnership: To build Alba, we partnered with the very best technology providers in their fields to offer our customers a first-class banking experience. Partnering with nCino underlines this approach. nCino’s highly regarded Cloud Banking Platform will support our end-to-end lending needs, helping our expert underwriters to make quicker lending decisions for our customers, and allowing us to scale with speed and agility as we introduce more products and build our customer base.

Echoing this sentiment, Charlie McIver, Managing Director, EMEA at nCino, expressed pride in partnering with Alba Bank. He emphasised nCino’s robust and adaptable technology, designed to support both emerging and established banks in innovating and modernising their services.

Two Scottish Firms win Lloyds Banking Group Launch Innovation Programme

Lloyds Banking Group have selected two Scottish firms as winners of the third edition of their Launch Innovation Programme. This initiative, a collaborative effort with FinTech Scotland and GrowthBuilders, seeks out the most innovative technologies to forge solutions that resonate with and empower customers.

GoCodeGreen: Pioneering Digital Sustainability

In a world increasingly aware of its carbon footprint, GoCodeGreen stands out with its commitment to environmental responsibility. LBG has recognised the potential in GoCodeGreen’s approach to reducing carbon emissions across their digital estate by an ambitious double-digit percentage. It’s not just about reduction, though; it’s about transformation. GoCodeGreen is set to offer specialised training to LBG’s colleagues, nurturing a new generation of digital professionals who can integrate sustainability into the core of their design and development processes.

Appointedd: Revolutionising Scheduling One Click at a Time

Efficiency meets sophistication in Appointedd’s online scheduling system. LBG’s Operations department is gearing up to integrate this technology, which promises to smooth out the intricacies of digital procedures. The goal? To enable LBG to sharpen its focus on supporting customer financial aspirations, streamlining interactions, and enhancing overall service.

Beyond Scotland: The Joy Club

Joining the Scottish powerhouses is London-based fintech The Joy Club. This innovative service is dedicated to enriching the retirement experience, offering LBG’s customers a platform to learn, stay fit, and connect. With a vision that everyone is entitled to a joyful retirement, The Joy Club is set to infuse a new zest for life among its members.

This selection is a testament to the vision and capability of these firms to shape a future where technology serves people with greater impact and empathy. LBG’s Launch Innovation Programme is a catalyst for change.

docStribute® and Chorley Building Society set to transform member communications

Chorley Building Society has teamed up with fintech docStribute on their journey towards digitalisation. This strategic partnership represents Chorley Building Society’s strong commitment to operational efficiency, elevated member engagement, and adherence to regulatory compliance standards.

The shift towards digitalisation is a crucial step for building societies in the modern age, and Chorley Building Society is setting a great example. By partnering with docStribute, they are not only aligning themselves with the evolving financial landscape but also taking active steps to reduce their environmental footprint.

Recent data from UK local government sources indicates that paper and cardboard constitute a staggering 20% of all waste produced in the country. Through the adoption of docStribute’s cutting-edge document distribution solutions, Chorley Building Society is on a mission to lower its paper consumption and carbon emissions whilst optimising their operational efficiency.

Chris Ansara, the CEO of docStribute, highlights the profound impact this partnership will have on digital transformation and customer relationships, all of which will ultimately benefit Chorley’s members. The solutions offered by docStribute will play an important role in achieving these objectives, promising lasting, positive change for Chorley’s members.

Kim Roby, Customer Services Director at Chorley Building Society, insists on the fact that their primary objective is to ensure that their

members receive nothing short of outstanding service. Their commitment extends to providing an exceptional member experience that adheres to regulatory standards and contributes to environmental sustainability. The partnership with docStribute aligns perfectly with this vision, as it will streamline member communication, enhance consumer comprehension, and make it simpler for members to engage with the society.

One of the standout features of this new partnership is the significant improvement in Chorley Building Society’s documentation delivery processes. Through this collaboration, members will have instant and secure digital access to information and communications whenever they need them. This level of convenience will transform the way members interact with the society, making their experience more personalised, timely, and tailored to their needs. In essence, this partnership empowers Chorley Building Society to deliver an elevated standard of member engagement.

Aveni Launches Innovative Consumer Duty Board Report for Data Compliance Assurance

Scottish fintech Aveni, has unveiled its innovative Consumer Duty Board Report. This report template offers a robust solution to reassure board members that their data obligations are being diligently met. As the financial landscape evolves with the advent of data-first regulation and the increasing demands of quality and risk assurance stipulated by Consumer Duty, the responsibility placed on boards has grown exponentially. Aveni’s template is a critical step in addressing this challenge.

The Consumer Duty Board Report template is a tool designed to help companies create reports that are not only board-ready but also regulator-friendly. It provides a clear roadmap for evaluating data requirements within four key areas: Product and Service, Price and Value, Consumer Understanding, and Consumer Support. By scrutinising these dimensions, organisations can effectively determine whether they are meeting the Consumer Duty mandate.

The template goes beyond guidance; it equips users with the necessary metrics to measure, the data required, and the actionable insights that stem from this data. Additionally, it offers practical examples of technologies that can be leveraged to automate reporting and facilitate access to, as well as analysis of, crucial data. By adopting this comprehensive approach, companies can demonstrate their commitment to fulfilling Consumer Duty Key Performance Indicators (KPIs) and reassure regulatory bodies that proactive risk management is firmly in place at the board level.

Joseph Twigg, CEO of Aveni, emphasised the significance of the Consumer Duty initiative, stating,

“Consumer Duty is well underway in its implementation phase, and the Financial Conduct Authority (FCA) is demonstrating its commitment to enforcing it by taking action against non-compliant banks and building societies. The core expectation of data-backed evidence is a shared responsibility that extends throughout the organization, all the way up to the board level. Boards must possess a deep understanding of the factors affecting consumers and the metrics to track potential risks, as well as the corrective actions taken to address issues before they escalate. Our report template has been meticulously designed to reassure boards that Consumer Duty-related risks are being diligently assessed and that relevant data is being disseminated across the organization to ensure continuous improvement.”

Twigg continued, “When we founded Aveni, our extensive experience in financial services strategy and planning was central to our mission to provide solutions that address the pain points faced by executives and boards, especially from a regulatory perspective. We are now collaborating with some of the largest banks, equity release, and advisory firms to deliver on this mission.”

For those interested in adopting this transformative template, the Consumer Duty Board Report template is available here.

Alba Bank Partners with Mambu to Revolutionise SME Banking

Alba Bank just announced its strategic partnership with Mambu, a leading cloud banking platform. This collaboration is set to redefine how SMEs access lending services and manage their retail and business deposits.

Supporting UK SMEs

Founded by Scottish entrepreneur Jim McColl in 2018, Alba Bank was born out of a vision to bridge the growing gap in financial services for small and medium-sized enterprises (SMEs) in the UK. Based in Glasgow, the Scottish fintech has been developing new solutions to provide commercial finance to UK SMEs that have long felt underserved by traditional banking institutions.

Embracing the Future with Mambu’s Cloud Banking Platform

Alba Bank’s partnership with Mambu represents a significant move towards achieving its mission. By harnessing the power of Mambu’s cloud banking platform, Alba Bank will adopt a “composable approach” that promises to revolutionise the way it serves SMEs. This approach empowers the bank with greater agility and speed to market, a much-needed change for SMEs striving for financial support in an ever-evolving business landscape.

Addressing the Funding Gap

A report from Mambo shows that over the past five years, a staggering 58% of UK SMEs have faced have been unable to secure adequate funding to meet their business needs. Many SMEs are struggling to stay afloat or seize growth opportunities.

The report highlights the critical importance of impeccable service in the eyes of SMEs. 93% of them would contemplate switching lenders if a competitor offered a superior service. This is why financial institutions like Alba Bank need to deliver not just funding but also a customer-centric experience that SMEs truly deserve.

Nick Lawler, Market Director, Northern Europe at Mambu, says:

“Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”

Sandeep Kadam, Chief Technology Officer at Alba Bank adds:

“We’re excited to  work with Mambu and fully embrace a cloud-first approach. Our partnership will enable us to build our products quickly and adapt to ever-changing market demands. At a time when SMEs are being underserved by traditional lenders, speed to market and agility are both crucial. Mambu’s ability to offer both will enable Alba to build a great banking experience for our customers.”