Commercial Deposit Strategies for the Digital Age
In the evolving landscape of commercial banking, merging traditional services with modern technology is essential.
Ryan Canin, General Manager – Commercial Onboarding and Account Opening at nCino, spoke about how financial institutions (FIs) can optimize commercial deposits and build scalable systems in our recent webinar, Build for Scale: Commercial Deposits Strategy Session.
The session explored developing a successful commercial banking strategy while preserving crucial relationships with clients. Canin shared the following insights:
Technology does not dictate your strategy—your strategy should dictate what technology you use, and having a clear organizational strategy is essential to effectively leveraging technology. Even the most advanced technology will be useless without an effective strategy implemented throughout the institution.
“Unless you have a strategy on how you’re going to build a digital brand to be able to attract deposits, then just having an online account opening solution is not, in fact, going to attract that.” – Ryan Canin, General Manager – Commercial Onboarding and Account Opening, nCino
Simply purchasing new technology won’t solve inefficiencies. Canin emphasized that FIs must be open to redesigning their operations to effectively leverage technology and achieve success with commercial deposits. Digitizing outdated processes will not enhance efficiency, as the underlying process remains unchanged.
Technology is readily available and not a limit factor for FIs; the real challenge lies in strategizing and redesigning your organization for efficiency.
“The more important piece is understanding, ‘What is our strategy, and are we prepared to rethink how we do things?’ And if we are, then the technology is available.” – Ryan Canin, General Manager – Commercial Onboarding and Account Opening, nCino
Financial institutions of all sizes can experience many benefits when building a scalable commercial account opening process. These include:
Document Intelligence with Artificial Intelligence and Human Expertise: When document intelligence, such as automatic document indexing, is implemented in an FI, human employees are able step back from repetitive tasks and focus on customer service. This intelligence has a significant impact on FIs’ efficiency and client experience.
Understanding Ownership and Signers: Every business has unique ownership structures and needs, and being able to cater to different owners and signers will protect customer data and relationships.
Improved Disclosures, Agreements, and Signatures: Managing these documents in a single, adaptable experience will simplify the processes, enhance efficiency, and adapt to the organization’s strategy and needs.
For commercial banking, integrating these strategies with current technology is the key to success in the modern market. To learn more about optimizing your commercial deposits and account opening, watch our on-demand webinar now.
Like many businesses across the US, community and regional banks face challenges stemming from economic fluctuations, regulatory reforms, and shifting consumer preferences. To navigate these headwinds, they’re leveraging their unique strengths, such as personalized customer interactions and local market insights.
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.
For commercial banking, there’s key differences between online account opening and digital account opening.
It is possible to implement technology in your bank while maintaining the human touch. Commercial bankers know their business is different to retail.
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.
