GB Bank chooses TruNarrative for customer onboarding, transactional risk, and financial crime prevention

GB Bank, a new bank focussed on getting Britain building again, has today announced it has chosen Leeds-based regtech innovator TruNarrative, a LexisNexis® Risk Solutions company, to provide its full suite of customer onboarding and transactional risk compliance capabilities.

GB Bank aims to support under-served SME property developers and is the first UK tech-driven lender to exclusively provide SMEs, construction companies and property developers access to finance up to £5 million.

The start-up bank will also provide competitive fixed rate FSCS protected savings accounts that allow savers to complete account opening within minutes and manage their accounts online.

With a focus on supporting regional projects and businesses, GB Bank is set to lend £3 billion across the next five years, building a £1 billion-plus balance sheet by funding construction of 20,000 homes and several million square feet of commercial space.

TruNarrative is a trusted supplier to numerous financial institutions, being a vital part of their financial crime prevention and compliance strategies. The TruNarrative platform enables banking, lending, ecommerce and payments firms to safely onboard customers, detect fraud and identify risk via a single API.

With a requirement to make rapid, high-value lending decisions central to its overall proposition, GB Bank went to market for a solution to facilitate low-friction customer journeys, robust compliance, and risk mitigation across its customer base.

TruNarrative will deliver a full suite of compliance technology, automating onboarding processes including: AML, KYC, document validation, PEPs, sanctions and adverse media checks, bank account authentication, and full transactional risk monitoring.

Using TruNarrative, GB Bank will be able to build a complete risk profile for each customer using transactional monitoring with risk visibility over applications, deposits, withdrawals, and repayments.

With access to over 50 third-party data providers within the TruNarrative App Store, GB Bank will be able to build bespoke and compliant customer journeys for its multiple products, allowing the team to make lending decisions with the full customer picture in view.

TruNarrative will integrate with GB Bank’s state-of-the-art technology stack, including core banking systems, front-end user interface and reporting framework, delivering a seamless experience for both the bank’s operational teams and its customers.

GB Bank will be able to access a full case management system for manual reviews and referrals, a natural language rule builder allowing for rapid strategy changes, and a comprehensive audit trail with instant recall of data for regulatory purposes.

“GB Bank has a strong focus on technology and automation, and we are always on the lookout for new innovative businesses to partner with,” said Edward Vaughan, Head of Banking for TruNarrative. “I am delighted that GB Bank has selected TruNarrative for compliance and financial crime technology, and we look forward to continuing to support the growth of the Bank.”

“Since gaining our provisional banking licence we have been able to push forward at pace with the bank build and that is in part thanks to the due diligence that went into researching and securing the right technology for our needs,” said Stephen Lancaster, GB Bank’s CEO. “We didn’t want a legacy system for GB Bank, but a bespoke and secure, customer-centred solution. TruNarrative is helping us fulfil that need and it is great to have the team on board as a partner as we move ever closer to launch.”

Dan Argent, GB Bank’s Head of Financial Crime, added: “TruNarrative enables GB Bank to access a wide range of data providers and deliver real time end-to-end decision making via a single, simple to use platform.”