3 Ways to Strengthen Relationships with Your Small Business Customers
Whether you’re an institution who serves small businesses or a small business owner yourself, you deserve the best possible experience. When it comes to delivering an outstanding experience, personalization is key. By tailoring services to meet the unique needs of each small business owner, financial institutions can foster strong and lasting relationships.
At nCino, we know small business banking isn’t a one-size-fits-all scenario. That’s why our Small Business Banking Solution provides a personalized experience for every small business need.
Here are three key benefits available through nCino’s Small Business Banking Solution:
According to the Small Business Administration, a small business typically employees less than 500 people. However, because the definition is fairly broad, it can apply to a small tech start-up with hundreds of employees all the way down to sole proprietors. With nCino’s Small Business Banking Solution, small business banks and credit unions can support all of their customers, no matter the size of the business. When your solution is able to empower your institution with the flexibility and scalability to meet the unique needs of each small business, regardless of its size, revenue, maturity, sector, or preferences, you become uniquely positioned to serve your customers. Your institution will be able to optimize workflow and staffing, deliver personalized services, scale automation to fit each business’s needs, and ultimately strengthen the relationship between you and your customers.
Compliance regulations are ever-changing, which can make staying up to date a challenge for financial institutions. nCino facilitates institution compliance with regulations, such as Dodd-Frank 1071, HMDA (Home Mortgage Disclosure Act), and CRA (Community Reinvestment Act). This ensures that institutions can navigate changes successfully, minimizing risk and maintaining compliance. Every activity inside in the nCino system is time and date stamped, enabling FIs to be audit-ready at a moment’s notice. Because nCino is designed with compliance already integrated into the fabric of our solution, your FI will have one less worry to navigate. By reducing your operating expenses and providing audit readiness, you’ll have more time to focus on what matters most: your customers.
Customers want a provider who is able to deliver high levels of personalization and zero friction, and who is committed to social and environmental impact concerns (McKinsey and Company, 2021). Often, FIs have a rigid criterion, which can hinder relationship managers from providing the expected level of service. Accenture found in that 42 percent of SMBs believe alternative providers can offer better service than traditional FIs—a sign that FIs must find new ways to deliver personalized services to small businesses at every stage of their journey. nCino ensures that all small businesses receive the support required to both grow and succeed, whether through fast and innovative online solutions or in-person interactions.
Our scalable, flexible solution can help you help your customers manage risk and compliance, all while providing you with a tailored experience. By personalizing our solutions to meet your needs, we empower you to do the same for your customers.
While banks are partnering with innovative and forward-thinking tech vendors to improve their business and services, not all of these partnerships are successful. Even with impressive products and glowing reviews, some tech vendors aren’t suitable matches for the banks they partner with.
In the evolving landscape of financial regulation, understanding and complying with Dodd-Frank 1071 presents both challenges and opportunities for financial institutions. Mastering this terrain can seem daunting, but with the right strategies and insights, compliance can become a catalyst for growth and innovation.
Compliance with Dodd-Frank 1071 has been an important and sometimes contentious topic of discussion, due in part to varied sentiment, the US district court injunction, anticipated new effective dates, requisite change management, and rigorous regulatory enforcement. To make matters even more challenging, strategies and interpretations of compliance requirements are inconsistent across institutions, making the job of compliance an ongoing task.
Seizing the OpportunitiesAs financial institutions figure out how to keep up with these challenges, they have several opportunities and choices. Compliance with Dodd-Frank 1071 presents opportunities for expanded customer data analytics, operational standardization, and tapping into underserved market segments. Leveraging these potential benefits can lead to significant advancements for financial institutions.
“We want to begin collecting the data as soon as we can so we can start validating our processes and our training environment.” - Jason Spelliscy, Senior Manager - Product Compliance, nCino
nCino's Role in ComplianceWith over 300 customers originating 1071-reportable loans on our platform, nCino is keen on making compliance manageable and beneficial for financial institutions. Our robust solution includes logic-based mappings, data review screens, comprehensive data capture, viewing restrictions, permissions, and data extracts. Our goal is to create a seamless experience for FIs and their users.
It is possible to implement technology in your bank while maintaining the human touch. Commercial bankers know their business is different to retail.
As if simplifying compliance in the financial sector wasn’t already a challenge, recent news surrounding Dodd-Frank 1071 continues to complicate matters and raise questions.
For many financial institutions (FIs) in the United States, small businesses represent a vital market that hasn’t yet been fully banked. Depending on what these FIs do next, this could be viewed as an occasion for growth, or a lost opportunity. Small business in the U.S. has continued to grow since the COVID-19 pandemic. Today there are over 33 million small businesses in the market, who represent $115 billion in revenue. With today’s advanced technology, financial institutions can tap into the unmet potential of small business banking. To do so, they must strike the right balance between a traditional high-touch strategy and an innovative high-tech approach.
Time for Innovation: Delivering High-Tech to Small BusinessesTraditionally, small business banking has been approached with a high-touch process. However, it’s no longer enough to rely only on in-branch experiences and services when it comes to small business banking clients.
