nCino first launched our small business lending functionality in 2012 and added deposit account opening and online application in 2016, both key features of the Small Business Banking Solution. With a single, secure, cloud-based platform, nCino unites key steps in the onboarding, account opening and lending process from online application through underwriting and automated decisioning, document preparation, closing and e-signature. Institutions can mitigate risk, reduce time to fund (from weeks to days, hours and minutes) and create an exceptional customer experience leading to lasting and profitable relationships. The Small Business Banking Solution assists financial institutions in increasing profitability of loans, reducing loan decision delivery time, automating and streamlining workflow, reducing customer opportunity costs and increasing loan volume and staff efficiency.
“Banks have a significant opportunity to realize step change in small business lending,” says Alenka Grealish, Principal Analyst of Celent. “Banks bring a strong foundation for success that is often underestimated: customer demand, omnichannel, multiple customer journey capabilities, and a stable balance sheet. The factor they typically lack is digitalization across channels, products, and processes for both customers and employees.”
According to Celent, nCino stands out on multiple fronts:
Allows customers, branch bankers, relationship managers, loan officers, service team members, and other stakeholders to be on the same page in real time across channels—both in branch and online across various devices
Supports all types of customer journeys, from straight-through processing to partial underwriting to full underwriting through front-to-back platform
Enables a bank to run a single application process for multiple products
One example of this powerful solution at work: after implementing nCino’s Small Business Banking Solution, an institution with $35 billion in assets saw a 95% reduction in loan processing time, down from 90 minutes to only 5 minutes. The same institution eliminated 17 spreadsheets used for manual processing.
“nCino has been in the vanguard of digitalization of credit origination. In building its platform, it realized two critical elements. First, both the customer and employee journey have to be digitized and that both need to be literally on the same page in real time across channels. Second, credit journeys are rarely straight-through, often requiring partial to full underwriting and customer engagement. As a result, nCino has built a platform that can deliver high tech touch, maximizing process digitization while optimizing employee and customer time.” — Alenka Grealish, Principal Analyst, Celent
To learn more, download the Celent report now.
