Of the four challenger banking licenses granted by Australian regulators in 2019, only one is still standing – and the Financial Times says it’s growing faster than any other financial institution in Asia-Pacific. At nSight 2023, Judo Bank COO, Lisa Frazier, shared what differentiates Judo Bank and how nCino has been a foundational part of its journey.SME business bank, Judo Bank is on a strong growth trajectory reflected in its lending book that jumped nearly 25% to A$7.5 bn in the six months to the end of December 2022. This growth was recognized in April 2023, when the Financial Times identified Judo as the fourth fastest growing company in Asia Pacific out of the top 500 high-growth businesses in the region.
According to Chief Operating Officer, Lisa Frazier, Judo Bank began in 2016 when a deeply experienced group of bankers who were passionate about the SME economy came together to help establish the challenger bank.
“In 2016, we were a PowerPoint standalone idea. It was very hard to raise money,” she recalls.
Yet two and a half years after getting a banking license in April 2019, Judo listed on the Australian Stock Exchange and continues to grow and scale its business.
How did they do it?
Allied Irish Banks (AIB) is a financial services group with over 200 branches throughout Ireland. To achieve their mission, the Bank prioritizes continuous innovation, like their transformation with nCino.
AIB’s most recent innovation was the transformation of their asset finance services with nCino’s Asset Finance solution.
AIB has seen amazing results so far, including the consolidation of their nine legacy systems into one single platform.
Allied Irish Banks, or AIB, is a financial services group based in Ireland whose core services are Retail, Business and Corporate Banking. As one of the largest financial institutions in Ireland, the Bank serves its 2.8 million customers at over 200 branches throughout the country.
AIB’s mission is to support their customers to achieve their dreams by providing a streamlined experience that allows them to spend less time in a physical branch, and more time working towards their goals.
“nCino is a fast-moving, innovative company, and we selected them to bring greater visibility and transparency into our end-to-end journeys, improve and streamline workflows and ultimately provide an enhanced customer experience,” said Peter Swan, Head of Credit Transformation.
Asset Finance Transformation
AIB innovates continuously in order to achieve their mission and serve their customers well. To do this, the Bank recently implemented a bank-wide transformation program, with a large emphasis on the renovation of their asset finance services. While Asset Finance was growing steadily, accounting for up to 40% of their SME business, legacy systems pushed customers to find quicker, more innovative solutions outside of the Bank.
“We needed a platform that would allow us, from an asset finance perspective, to compete with other lenders and retain our market share,” said Mark Culleton, Head of Asset Finance.
After evaluating multiple potential partners, AIB found nCino’s Asset Finance Solution, which allows the Bank and their customers to gain transparency into their leasing and loan processes.
In addition to implementing nCino’s Asset Finance Solution, AIB and nCino also partnered with Accenture to achieve one key outcome: to provide a best-in-class, comprehensive platform that supports customers through their journey to achieve their dreams and ambitions. Partnering ensured a smooth implementation and set the Bank up for future success.
"nCino has enhanced the customer experience. There's faster loan turnaround times and faster payments to both our customers and our suppliers." —Emer Forbes, Subject Matter Expert – Fulfillment Team, AIB
With the nCino Bank Operating System, AIB was able to transition from nine different systems to a single, comprehensive platform. This allowed the Bank to improve their speed to decision and speed to funds, and streamline their application process.
“Before we implemented nCino, we had multiple systems that didn’t talk to each other, our frontline colleagues didn’t know where the application was in the process,” said Thelma McLoughlin, nCino Platform Owner.
“nCino has delivered that full transparency of the process for our colleagues and our customers.”
Learn more about how AIB is helping their customers achieve their dreams through asset finance transformation by downloading the full case study.
Fill out the contact form below.