Because banks are no longer just competing with other financial institutions, but also with digital powerhouses and alternative lenders, the customer experience must be automated and digitally optimized across the board. With nCino’s Loan Auto Decision, financial institutions can successfully respond to these evolving customer expectations with speed, efficiency and seamlessness.

“Recently we’ve seen an upward trend in banks’ investment in the customer experience as an influx of both bank and nonbank entities have intensified the competitive landscape,” said David O’ Connell, senior analyst with Aite Group’s Wholesale Banking team. “nCino’s addition of automated decisioning technology answers the need for a low-touch customer experience, while supporting underwriting. By governing and documenting credit decisions, this capability also makes it less expensive to keep the regulators happy.”

nCino’s automated decisioning offering is highly configurable and compliant; financial institutions can define criteria and build logic pieces to align with their established credit policy, and then allow loan requests to automatically measure against that policy. Once a loan is requested, the automated decisioning engine provides a recommended verdict, as well as relevant auditing information such as the time, date and key scoring criteria, to boost regulatory compliance. This automation streamlines processing for the clear-cut cases, freeing loan officers to focus on more complex loan decisions. Because the software all resides within the Bank Operating System, employees with appropriate access can update the criteria, giving the banker full control and visibility.

nCino’s automated decisioning capabilities present valuable cross and upsell opportunities should a borrower not qualify for the full loan amount originally requested. The software is able to recognize eligibility for a lesser sum and notifies the borrower. The opposite also holds true; if a borrower qualifies for more than the initial request, the software can detect the discrepancy and alert to the higher amount available.

Pierre Naudé, CEO of nCino, added, “The rise of alternative lenders has demonstrated the customer’s desire for speed and convenience often outweighs even their concern about cost. But, banks still have an advantage over fintech firms, including lower cost of money and funding, and most importantly, reputation. With nCino’s Loan Auto Decision, banks can fuse new technology with proven, responsible banking practices to streamline the decision making process and expedite customers’ access to funds. This, in turn, allows the bank to process loans more quickly, reducing transaction time and overhead costs to ultimately make loans more profitable.”