Recognizing the unmet need at financial institutions for a comprehensive, secure, cloud-based technology that enables heightened transparency and greater detail into banking operations - specifically in the lending department, nCino today launches the Bank Operating System comprised of nCommercial, nRetail, nMortgage and nCompliance.
"In recent years, financial institutions have faced a number of challenges - a lack of process around origination and portfolio management, whether to focus the limited resources they have on compliance or efficiency and little coordination across departments," said Pierre Naudé, chief executive officer of nCino. "We built the Bank Operating System within a live bank environment to address these challenges as securely and comprehensively as possible."
nCino's Bank Operating System, which works alongside a bank's existing core system, leverages the power of Salesforce to provide small- to mid-sized financial institutions with transparency across relationship management, portfolio management, origination and internal policies. The secure, cloud-based technology effectively frees bankers from the constraints of cumbersome, expensive enterprise software systems, enabling them to more easily and intuitively access and interact with the institutions' operational data in real-time.
By implementing the Banking Operating System, financial institutions, such as Wilmington, N.C.-based Live Oak Bank, experience increased productivity, profitability and improved safety and soundness within commercial lending, document preparation, spreads and retail banking.
"Since implementing nCino's Bank Operating System, Live Oak Bank has experienced a 19 percent increase in loan volume; 34 percent reduction in loan closing time; 22 percent increase in staff efficiency; 17 percent reduction in operating costs; 22 percent increase in staff efficiency; and 54 percent reduction in policy exceptions," said Neil Underwood, president and chief operating officer of Live Oak Bank. "As a result, our bank ranked number one in return on assets and return on equity in 2011 [according to Independent Community Bankers Association research]. With tangible numbers, it is difficult to refute the substantial and positive impact a transparent bank operating system has had on our bank."
nCino's Bank Operating System's additional bank and credit union customers, ranging in asset size from $100 million to $3 billion, have begun benefiting from the increased efficiency the solution brings to their operations through a reduction in manual processes, improvement in internal audit trails and an overall increase in customer and member as well as employee satisfaction.