OakNorth Wants to be the Intel of Banking

Speaking at an event in London today the CFO of OakNorth, Cristina Alba Ochoa, said that her company plans to fuel its growth by powering the lending operations of banks; their white label technology platform is called OakNorth Artificial Intelligence; she likened it to Intel chips and processors powering computer manufacturers like HP and Dell; they will still be doing loans themselves but also licensing their software to banks around the world; she said, “In the UK, in the next 10 years, we expect to have a balance sheet for £10bn but globally it’s going to be in the hundreds of billions because we’ll go through other partners.” Source.

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