Founded in 2017, Recognise Bank is a UK challenger bank on a mission to deliver unparalleled support to small and medium sized enterprises (SMEs) and entrepreneurs who are often overlooked by mainstream banks.
With an impressive suite of lending and savings products, and a desire to provide new offers and greater choice to customers, Recognise is poised for hypergrowth in the coming years.
In order to scale effectively while still providing the highest level of support to their customers, Recognise set out to transform their financial forecasting and budgeting processes in 2021 - with the goal of replacing a patchwork of disconnected spreadsheets that required extensive manual input.
“We knew we needed a platform with powerful modeling and reporting capabilities to enable our FP&A team to focus on more value-added work,” said Prasad Pitale, Head of Finance, Recognise Bank. “But expansion is a key business priority, so we were also looking for a tool that could be scaled to support other business areas, like workforce and operational planning.”
After assessing a number of vendors, Recognise chose Anaplan’s flexible platform for connected planning to re-imagine the bank’s forecasting and budgeting processes, working with implementation partner Vuealta.
“Vuealta’s wealth of Anaplan implementation experience and deep financial services expertise gave us great confidence in their ability to not only deliver a successful project but to also enhance our own processes by leveraging their broad view of industry best practices,” said Pitale.
“Anaplan’s platform fits seamlessly into our cloud API-first tech stack, front to back office, which is a key consideration for us as a truly digital bank,” said Monica Velasquez, Chief Technology Officer, Recognise Bank. “And since Anaplan supports business users across departments, we can leverage the platform to drive process transformation beyond our finance team. I know I am excited to see what the platform can do for my team in the future.”
We’re excited to welcome Recognise to the Anaplan family and look forward to supporting their continued growth as they work to bring personalised banking solutions to more UK SMEs and savers in the coming years.