Oak North runs with Mambu
Written by Scott Thompson
UK-based challenger bank Oak North has selected Mambu as the engine behind its entire banking operations. Leveraging Mambu’s cloud-based platform and API for its speed and agility over traditional core banking systems, the company has entered the growing SME lending market in the UK. In addition to traditional loans and deposits, OakNorth says that it can now offer working capital loans with more flexible payment schedules and bespoke profiling tailored towards the needs of SME borrowers.
“To properly meet the needs of entrepreneurial growth businesses in the UK, we knew we needed a radically different approach to customer service than what was available from traditional banks. This meant merging the best practices of commercial and retail banking with the technical flexibility and dexterity of an online digital disruptor,” says Rishi Khosla, CEO and founder of OakNorth Bank. “Mambu’s banking technology is the core of our digital architecture, enabling us to rapidly bring new products to market and focus our innovation around giving our customers great service with a level of agility we couldn’t get from a traditional core banking system. Changes to our systems can be made much more quickly than other banks, often in days rather than weeks, meaning we’re able to adapt to the needs of our customers, offering solutions where others can’t and moving away from the ‘computer says no’ mentality that plagues the industry.”