Online or Digital: Navigating Account Opening Options
For commercial banking, there’s key differences between online account opening and digital account opening.
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The Before and After of Commercial Account Opening with nCino
Other Topics
Commercial Banking
Institution
Banca Comercial
Opening a commercial bank account is a significant decision for any business. All businesses are unique entities with operational requirements, product needs, and shareholder arrangements, and the choice of a bank as a business partner is often a relationship-driven decision.
That’s why nCino Commercial Onboarding and Account Opening empowers banks to maintain close relationships with business clients while ensuring a smooth back-end process.
The Typical Scenario
In a traditional landscape, commercial bankers meet new customers who agree to open an account at the bank. When the banker requests the required documents from the customer, a back-and-forth email chain is sparked. With the opportunity for typos, missing documents, and other mistakes, it can take several weeks to collect all the correct documents and required signatures. Including time for all the documents to be processed, commercial account opening can take weeks, if not months—not a great way to kick off a new relationship!
nCino’s Impact
With nCino Commercial Onboarding and Account Opening, this typically tedious process is streamlined into an efficient, user-friendly experience. Commercial bankers share the bank's branded portal, powered by nCino, for the customers to begin their application. They can upload all necessary documents directly into the portal, which immediately verifies them for accuracy and completion. An alert system ensures any missing or incorrect documents are immediately flagged and resolved immediately.
nCino’s revolutionary product enables customers to open an account within days, sometimes minutes—a great start to a new relationship!
Back to Business
When it comes to commercial account opening, everyone wants to get to business as fast as possible. With nCino Commercial Onboarding and Account Opening, businesses can access their accounts quickly and easily, and bankers can build their relationships on the solid foundation of a seamless account opening experience.
Ready to transform your commercial account opening process? Download our comprehensive infographic for a closer look at the before and after of commercial banking with nCino.
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Managing Risk in a Dynamic Rate Environment
Rising interest rates can have a significant impact on financial institutions. In today’s rapidly changing rate environment, it is increasingly important for FIs to understand and take action to prevent significant risk to their institutions. Costs are rising everywhere. Whether you’re buying eggs for breakfast or gas for your weekly trip to visit family, everyone is feeling the shift in economy in some way or another.
This environment can place stress on families, individuals and businesses, but it can also have a large impact financial institutions (FIs). Times like these are often characterized by a rise in interest rates, which are fundamental to the business of banking. Rapid changes in rates can affect an FI’s sources of revenue and lower the total value of its assets and liabilities. Without having risk management strategies in place, these changes can have significant impacts on an FI’s financial safety and soundness.
While we can’t lower the cost of your breakfast, we can give you some tips on how to understand the interest rate increases and best prepare your institution to weather them.
