OakNorth Bank

OakNorth Bank

OakNorth is a UK-based financial services group encompassing two main areas: OakNorth Bank and OakNorth Credit Intelligence. Founded in 2015, it has become a significant player in shaking up traditional commercial banking.

OakNorth Bank focuses on providing loans and savings accounts specifically for growing businesses, typically with a turnover between £1 million and £100 million. They differentiate themselves by using technology to streamline the application process and go beyond just historical financial data.

This is where OakNorth Credit Intelligence comes in. They are the brains behind the bank’s success, offering a cloud-based software suite powered by machine learning (ML). This suite, called the ON Credit Intelligence Suite, provides a more holistic view of potential borrowers by analyzing a wider range of data. This allows OakNorth Bank to make faster and more informed lending decisions.

The impact has been significant. OakNorth Bank has become one of the most efficient commercial banks globally. They’ve achieved this by profitably managing a large loan portfolio while maintaining high customer satisfaction. Their approach has also attracted interest from other banks who are looking to adopt similar technology.

OakNorth’s ambition extends beyond its own banking operations. They are actively acquiring businesses that complement their offerings. In 2021, they acquired Fluidly, a provider of cash flow management solutions for accountants. More recently, they acquired a stake in ASK Partners, a property lender, to further strengthen their support for the construction industry.

With its innovative approach and technological edge, OakNorth is changing the landscape of commercial banking in the UK. They are not only providing vital financial services to growing businesses but also pushing the boundaries of what a bank can be.