Everyone has dreams; some of them involve landing a good job, while others involve owning a business or a piece of land on which they can raise a family. You need money to run a business or even own property, which is where OakNorth Bank comes into play. OakNorth Bank is a UK bank for small and medium-sized companies that provides business and property loans. OakNorth has made a significant impact on the bank industry by providing innovative financial solutions to small and medium-sized companies.
The bank gained regulatory approval in early 2015 and was founded by entrepreneurs Rishi Khosla and Joel Perlman, who previously founded Copal Amba.Since its foundation in 2015, OakNorth has quickly established itself as a leading provider of business and property loans to the SME sector.
History and Success behind OakNorth
OakNorth as a bank was granted a full banking license by the PRA and FCA in 2015. Its board is chaired by Cyrus Ardalan and includes Edward Berk and Rajesh Gupta. It has an advisory board that includes Lord Adair Turner, Martin Stewart, and Philip Hammond. OakNorth was the first bank in the UK to have a fully hosted Credit Intelligence Suite on the cloud with AWS.
The success of OakNorth Bank can be attributed to its unique approach to lending. Unlike other traditional banks, which often have rigid lending criteria, OakNorth takes a more flexible and tailored approach to lending. This has helped the bank provide financing solutions that are specifically designed to meet the needs of SMEs, which has been a key factor in the company’s success.
In addition to its lending solutions, OakNorth has also focused on providing excellent customer service. The bank has a dedicated team of experienced lending specialists who work closely with SMEs to understand their specific needs and provide tailored financial solutions. This has helped OakNorth build a loyal customer base and has contributed to the company’s reputation as a provider of high-quality financial services.
Another factor in OakNorth’s success has been its commitment to using technology to enhance the customer experience. The bank has heavily invested in developing innovative financial technology solutions that make it easier for SMEs (small and medium-sized enterprises) to access financing. This has simplified the lending process and made it simpler for SMEs to obtain the funding they require to expand their businesses.
OakNorth’s success is also due to its ability to trust its customers. The bank has a strong focus on security and has implemented several measures to protect the personal and financial information of its customers. As a result, they now have a solid reputation as a trustworthy and secure provider of financial services.
In conclusion
OakNorth Bank has made a significant impact on the UK banking industry by providing innovative financial solutions to small and medium-sized companies. Its flexible approach to lending, combined with its commitment to customer service and use of technology, has helped establish the bank as a leading provider of property and business loans. OakNorth’s success is a testament to the company’s commitment to helping SMEs achieve their financial goals.