SME-specialist neobank Judo will implement a new cloud-based ‘Bank Operating System’, supporting the expansion and “streamlining” of its lending operations.
Enlisting financial tech developer nCino, the new all-in-one cloud-based platform will enable the neobank to automate key banking processes, it said, allowing it to concentrate on “traditional relationship lending and vital credit” to customers.
The Operating System is said by nCino to support all customer and employee interactions, promising to deliver “increased efficiency, transparency, profitability and regulatory compliance across all lines of business”.
Part of the Bank Operating System includes a specialised ‘Commercial Banking Solution’, of particular interest to Judo’s rapidly expanding lending operations, providing a “transparent and fully digital end-to-end lending process”, the developer said.
The Solution provides a number of features, including workflow automation, as well as “real-time reporting, elements of the credit analysis process, and digital document management capabilities”.
Tim Alexander, chief product officer at Judo, said the bank’s mission is to be a “champion for Australian SMEs”.
“We share the same view as nCino when we say partnerships matter; that’s why we selected them to help us disrupt the industry and deliver differentiated services to better finance the growth ambitions of Australian SMEs.”
Mark Bernhardi, General Manager of APAC at nCino said: “We are excited to be working with Judo Bank to help them create a more efficient banking experience that is tailored to their clients’ individual needs.”
“Judo was created to be fast and nimble and to provide new options to SMEs across Australia. We look forward to building upon our partnership to support Judo’s craft of relationship banking, enabling them with the latest technology from nCino as they help their clients capitalise on the right opportunities at the right time,” Bernhardi said.
nCino provides its services to more than 1,200 financial institutions worldwide with assets spanning between $30 million and over $2 trillion.
The fintech developer recently secured a deal with British financial services giant Barclays to deploy its Bank Operating System, promising to streamline the bank’s onboarding process and enhance its Know-Your-Customer (KYC), loan origination, and regulatory compliance capabilities.
Judo Bank has been aggressively expanding its loan book since the start of 2020. In June this year, the neobank secured a $500 million investment from the Federal Government, becoming the first recipient of capital from a $2 billion small and medium enterprise funding scheme unveiled by the Government in November 2018.