Ashman Bank partners with nCino to bolster its tech platform, after being awarded first UK banking licence of the year

Rhea-AI Summary

nCino (NASDAQ: NCNO) partners with Ashman Bank, a new UK bank aiming to revolutionize real estate lending for SMEs. This partnership leverages nCino's Bank Operating System to enhance decision-making speed and credit offerings in a £90bn market. Given that 84% of SMEs face frustrations due to slow processes, Ashman Bank seeks to provide digital, personalized financing solutions from refurbishment to investment. Set to launch in early 2023, Ashman intends to focus on sustainable property financing.

Positive

• Partnership with Ashman Bank opens a £90bn market opportunity.
• Implementation of nCino's technology is expected to enhance decision-making speed and flexibility in credit offerings.
• Focus on improving financing access for SMEs experiencing frustrations in the current lending landscape.

Negative

• None.

Partnership will support real estate lender with fast decision making and flexible credit offerings via a cloud-based platform

LONDON, Oct. 27, 2022 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced its partnership with Ashman Bank, a new entrant bank with plans to transform the banking experience for UK property SMEs (small and medium sized enterprises), a £90bn^[1] market opportunity. Ashman Bank, which was awarded the UK’s first new banking licence in 2022, has selected nCino’s Bank Operating System^® as its foundational technology for its life cycle property finance solution, from refurbishment right through to development and investment.

Through its digital-first and cloud-based approach to commercial real estate lending, Ashman Bank aims to drive change in an industry where over four-fifths (84%)^[2] of SMEs are frustrated by slow decision-making and inflexible credit offerings. By implementing nCino, Ashman Bank will offer products and services that provide the know-how and incentives to create the sustainable properties and practices of tomorrow and make it easier for SMEs to access the right financing for their needs, delivered with speed, automation, and personalisation.

“Partnering with nCino takes us one step closer to being able to transform the banking experience for property SMEs,” Caroline Luxmore, Chief Commercial Officer at Ashman Bank added. “nCino gives us the best and most efficient platform for us to realise our ambitions as a digital-first bank, and we believe that together we can create a meaningful change in the UK real estate market.”

“Ashman Bank is an ambitious new entrant that will provide real estate lending for conscientious businesses in the UK. It is bringing an innovative approach to commercial real estate, and nCino can help the Ashman team execute, grow and adapt as the bank expands,” said Charlie McIver, Managing Director, EMEA at nCino. “We’re proud to be playing a role in Ashman’s launch.”

Ashman plans to launch early in 2023. The senior leadership team boasts extensive experience in the financial services sector, with previous roles across Barclays, HSBC, RBS, Aldermore, Monzo, and Capital One. Its launch builds on the established record of UK new entrant banks, with innovative technology and customer experience at the forefront of all operations.

About Ashman Bank
Established by a team of passionate entrepreneurs and seasoned bankers, Ashman is an ambitious new entrant planning to provide real estate lending for conscientious businesses and simple savings for conscious consumers.

To learn more visit www.ashmanbank.co.uk

Ashman and Ashman Bank are trading names of Ashman Bank Limited a company registered in England and Wales (company number 10907522) and its registered office is: 2nd Floor Rutland House, 148 Edmund Street, Birmingham, England, B3 2FD. Ashman Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 848460).

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System^® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. For more information, visit www.ncino.com.

MEDIA CONTACTS
Jasmin Athwal, nCino	Natalia Moose, nCino
+44 7881 374552	+44 7825 211135
Ncinoemea@mww.com	natalia.moose@ncino.com

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1 Source: CASS 2018 business survey
2 https://www.gov.uk/government/consultations/sme-finance-help-to-match-smes-rejected-for-finance-with-alternative-lenders

FAQ

What is the significance of nCino's partnership with Ashman Bank?

The partnership aims to enhance the real estate lending process for SMEs in the UK, tapping into a £90bn market.

When is Ashman Bank expected to launch its services?

Ashman Bank plans to launch in early 2023.

What technology will Ashman Bank use for its operations?

Ashman Bank will utilize nCino's Bank Operating System for its real estate financing solutions.

How many SMEs are frustrated by current lending processes?

Approximately 84% of SMEs report frustration with slow decision-making and inflexible credit offerings.

What market does Ashman Bank target?

Ashman Bank focuses on the UK property SMEs, which represent a £90bn market opportunity.