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How we view and form strategic partnerships

By: Dimitra Koutsoukos, Director, Deposits Partnerships at OakNorth Bank

Partnerships with leading UK fintechs have been an important part of OakNorth’s growth story. Our partnerships with Monzo, Moneybox and Raisin have enabled us to access a broad range of customers and offer them our savings products.

Thanks to our excellent customer service (we have a 4.5-star Feefo rating), competitive rates, FSCS-protection and simple application process both online and via our app, we have been able to expand our customer base meaningfully since early 2019.

In March last year, we announced a partnership with Monzo. Through this partnership, we gave Monzo’s 3 million customers access to our savings platform so that they could earn interest on savings in their Monzo “pots”. The Monzo customer experience is seamless: OakNorth savings accounts are opened through the Monzo app, with no additional hassle.

In July, we announced our exclusive partnership with Moneybox to help customers save for their first home and get them on the property ladder. We launched a market-leading Cash Lifetime ISA product. OakNorth’s market leading rate coupled with Moneybox’s first-in-class user experience has attracted one of the largest concentrations of first-time home buyers in the UK.

At the end of 2019 we launched our partnership with Raisin, one of Europe’s best funded savings platforms. Raisin offers customers a one-stop-shop experience, allowing them to open savings accounts easily across many different savings providers, without having to apply separately to each one.

When evaluating a potential new partner, we look for a select number of “leaders” who provide customers with a great user experience, who have brand recognition, a sterling reputation, strong risk and compliance controls and a large customer base. Our aim is to always focus on what customers need. Once we’ve determined this, we evaluate if it is something we can provide / build ourselves, or if it can be better delivered to customers through a strategic partnership.

Over the next few months, we will be announcing several new partnerships, so watch this space! And if you’re an innovative fintech and wish to discuss our partnership requirements further, feel free to reach out: Dimitra.Koutsoukos@oaknorth.com.

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