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.

Applying for a mortgage can be a daunting experience. From collecting and organizing paperwork to completing lengthy application forms, the process can be time-consuming, stressful, and prone to errors. With the help of the right digital mortgage experience and a point-of-sale (POS) solution, however, the mortgage application process can be streamlined and simplified for the customer or member, real estate professional, loan officer, title and settlement partner.

Keep reading to learn five reasons innovative financial institutions are choosing a digital mortgage solution with a built-in point-of-sale solution to modernize the home lending experience:

Power lending experiences with a user-friendly interface.One of the biggest advantages of a digital mortgage experience combined with a point-of-sale solution is the user-friendly interface. With one login, each stage of the mortgage transaction is streamlined across all stages of the journey. The right solution simplifies application processes and provides customers with a simple, easy-to-navigate workflow that guides them through the application process step-by-step. It also empowers real estate agents and lenders to provide pre-approval letters at their office, or more conveniently through a mobile device. This ensures customers provide all the necessary information and reach key milestones, and it makes the application process less intimidating and more accessible. The right solution must also make the experience just as simple and seamless for customers that prefer to work directly with their loan officer. With a native mobile experience, customers can apply for a mortgage, receive approval, and close on their home, all from the convenience of a mobile device.

Of the four challenger banking licenses granted by Australian regulators in 2019, only one is still standing – and the Financial Times says it’s growing faster than any other financial institution in Asia-Pacific. At nSight 2023, Judo Bank COO, Lisa Frazier, shared what differentiates Judo Bank and how nCino has been a foundational part of its journey.

Regulation is a constant in the banking industry, with new requirements regularly being introduced. The challenge lies in interpreting and actioning these regulations, and with the UK Consumer Duty regulation approaching, it's clear that financial institutions in the UK need to be proactive.

What is Consumer Duty?The FCA’s proposed Consumer Duty regulation requires firms to prioritise their customers’ interests by focusing on delivering “good outcomes”.

According to the regulation, “good outcomes” are based on three core principles: acting in good faith, supporting financial objectives and avoiding foreseeable harm. In other words, lenders must act in their customers’ best interests by providing tailored products and services, communicating transparently and avoiding any potential harm.

- Starting on July 31, 2023, every lender will be required to define and monitor what constitutes good outcomes for their customers.

- From September 2023, the FCA will be reaching out to a select number of firms to investigate what has changed (or not) in the gap analysis.

- Beginning in January 2024, lenders will be asked for dashboard samples with supporting data demonstrating avoidance of harm.

The regulation will continue to evolve throughout these phases. Based on the findings, the FCA could recommend further changes to improve compliance with the Duty through 2025.

In this series, we’ll showcase our six Employee Resource Groups (ERGs). To celebrate Pride Month, we’re highlighting nPride, our ERG for all our LGBTQ2IA+ identifying colleagues.

nCino’s employee resource groups (ERGs) are organic and employee-led, with a focus on building connection and belonging among employees and providing resources to the broader nCino community. Recruiting diverse talent, professional and leadership development, mentoring and community outreach are also core purposes of the groups. Each ERG includes executive sponsorship and a connection to the Diversity and Inclusion Council.

In this series, we’re excited to offer a deeper dive into the members and goals of each ERG. In celebration of Pride Month, we’re highlighting nPride.

In this white paper, experts from nCino and PwC explore five common mistakes that firms make when attempting a digital transformation project, and offer best practices drawn from their experience in deploying hundreds of new platforms on behalf of clients across multiple geographic regions.With regulatory headwinds picking up, interest rates still rising and borrower expectations changing, the macroeconomic outlook for UK homebuyers and mortgage lenders alike is daunting.

This is why many UK mortgage lenders are intent on disrupting the market by serving their clients throughout the entire homeownership journey, from applying for a loan to refinancing their home.

To achieve this goal of capturing more of the home buying journey and growing direct lending market share, mortgage lenders will need to provide borrowers with seamless and efficient mortgage experiences. During a time when it is more important than ever to identify and act on operational efficiencies and areas for cost savings, lenders can no longer afford to ignore their legacy technologies and antiquated processes.

SimpleNexus, an nCino (NASDAQ: NCNO) company announced a new integration with Empower, Black Knight’s loan origination system (LOS), a bidirectional integration that dynamically shares loan application data, milestone updates and documents in real time. The integration allows two-way sync of loan file data and milestone status updates.

Mortgage and capital markets are becoming increasingly digital. For lenders, eVault and eNote technology, combined with eClosings, are key requirements for moving collateral through the digital mortgage ecosystem.

Altra Federal Credit Union (Altra) is a member-owned credit union with branch offices in Wisconsin, New Jersey, Minnesota, Tennessee, Texas and Colorado. Altra strives to provide consistent and up-to-date products, services and guidance to its members through a wide range of financial services.