At Recognise, we believe that traditional bank products are often ‘one size fits all’. They are often inflexible and don’t reflect specific business’s needs. Too often, SMEs are pushed through to online portals and call centres that automatically reject applications which don’t meet the rigid criteria defined by banks. This has especially been the case since 2008.
SMEs need banks that understand and appreciate their needs. They need a bank where relationship managers can use their knowledge and experience to add real value.
Recognise Bank was formed to provide financial services to the UK SME sector and to the personal and business savings markets. Its purpose is to serve an SME market that has been starved of a personalised and relationship focused banking service for some time now.
Recognise has partnered with leading fintech platforms to create a market leading SME service using best in class technology that will enable it to deliver effective and smooth relationship banking. It will combine the personal touch of experienced and dedicated relationship managers (RMs) with the latest technology. Importantly, lending proposals will be structured to meet specific customer needs rather than focus on the interests of the lender alone.
Recognise has a strong independent Board to support an ambitious executive team that has over 250 years’ experience of building SME banking portfolios. By 2024 Recognise aims to have 44,000 depositors and 4,500 lending customers on its books. Recognise is a subsidiary of the AIM listed company, City of London Group Plc. Recognise has been authorised by the Prudential Regulatory Authority and it is regulated by both the Financial Conduct Authority and the Prudential Regulatory Authority.
We believe the time has never been better to introduce a bank genuinely serving the SME market with a strong service proposition and a fresh face.