NCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Texas Farm Credit (TFC) has deployed the nCino Bank Operating System to improve and digitize its rural property lending processes.
TFC, a rural lending cooperative that finances agricultural production, agribusiness, rural real estate and homes, implemented nCino's cloud-based platform to enhance its digital capabilities, improve transparency, automate processes, and streamline member onboarding. Headquartered in Robstown, Texas, the cooperative serves 100 Texas counties and is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916. By partnering with nCino, TFC now has the power of a proven end-to-end digital solution to meet evolving borrower expectations.
"We partnered with nCino to meet the needs of a rapidly changing industry and diverse borrower base, while also repositioning ourselves in an aggressive lending environment," said Mark Miller, CEO of Texas Farm Credit. “nCino is truly a leader in innovation and has helped us to establish more efficient operations across our cooperative. We trust that this relationship will continue to evolve as we accelerate our transformation to meet the credit and financial needs of farmers and ranchers across the country."
TFC initially went live on nCino’s Commercial Banking Solution and Customer Portal and Online Applications features in February 2020, a critical point in the industry, as one month later much of TFC’s workforce went fully remote due to the COVID-19 pandemic. Even with these challenges and short period of adoption, the number and volume of transactions completed in this new environment has been unmatched as nCino helped the TFC team close a record $400 million in loans year-to-date, the most in the history of the cooperative. TFC also processed over 2,000 servicing actions through the nCino system.
TFC front line employees previously utilized nine separate systems to originate and close a single loan. With nCino, employees now utilize a single cloud-based platform to streamline everything from onboarding and document management, to credit analysis, portfolio management, and compliance.
“We are extremely proud to partner with Texas Farm Credit as they continue to position themselves as a leader in the agricultural lending space,” said Josh Glover, chief revenue officer at nCino. “In today’s landscape, the adoption of high-tech banking capabilities is more crucial than ever and we are excited to have Texas Farm Credit utilizing the nCino Bank Operating System to better serve and manage their agriculture relationships by removing friction from the lending process and creating new opportunities for digital engagement."
Glover added, “At nCino, we continue to invest in innovation that will positively impact the financial institutions that support rural communities and agriculture businesses. We are committed to delivering our market-leading technology to the farm credit space, helping to ensure these institutions have the modern tools they need to scale while delivering high-quality experiences and financial services to their customers.”