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 Digitizing outdated processes will not enhance efficiency, as the underlying process remains unchanged.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.
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