UK based digital bank OakNorth has started to go global but not in the same way other digital banks are expanding, they have instead spun out their technology to offer white label solutions to banks; expanding their lending and banking operations for small businesses would cost the firm an extraordinary amount by hiring staff and acquiring the correct licenses; OakNorth Analytical Intelligence will sell their underwriting and portfolio monitoring tools but be able to customize the solution for each bank client; “We capture all the information the banks collect from the borrower, process it, and within days, they have a full credit paper they can bring to a committee to make a decision quickly,” saidCristina Alba Ochoa, OakNorth’s CFO, to TearSheet. “Credit papers and processes are so different even within the same institution — they appreciate our standardized approach.”
