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Cloud banking leader nCino is enlisting AI in the fight to help financial institutions make better, more informed decisions faster. The Wilmington, North Carolina-based company announced this week the release of nCino IQ (nIQ), a new expansion to its Bank Operating System that works across front, middle, and back office operations, to automate and connect. This not only reduces expensive and error-vulnerable manual data entry, the technology also enables financial institutions to leverage automation and analytics to make data-driven decisions that enhance the customer journey.
“Since its inception, nCino has championed the idea of the agile enterprise, where financial institutions can reduce loan cycle and account opening times by digitizing and automating their processes via our single end-to-end platform,” Chief Product Officer Trisha Price said. “Now, with nIQ, we’re evolving that concept further to the Intelligent Enterprise, where AI is injected into every stage of production and stands at the center of every business line we support.”
nIQ has three main components: nIQ Data Recognition, which automates data extraction; nIQ Insights, which uses predictive analytics to measure and monitor organization-wide performance and risk; and nIQ Digital Assistant, which gives bankers the real-time data they need in order to build personalized experiences. The solution can be used in commercial, small business, and retail banking, as well as for customer engagement.
“With nIQ supercharging their operations,” Price added, “financial institutions can achieve a competitive advantage that allows them to increase savings and, most importantly, make more informed decisions to more effectively and efficiently serve their customers.”
The product news from nCino follows company’s $80 million funding raising – its largest to date – announced last month. The funding, which took nCino’s total capital to more than $213 million, was led by a group investors advised by T. Rowe Price, and featured the participation of existing investor Salesforce Ventures. Also last month, nCino announced a partnership with CNB Bank, a $3.2 billion asset FI based in Pennsylvania, and added David Rudow to its C-suite, appointing the software and technology executive as Chief Financial Officer.
nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012, and named to the Forbes Cloud 100, the company partners with more than 250 financial institutions around the world. Pierre Naudé is CEO.
Pennsylvania-based CNB Bank has selected nCino and its Bank Operating System for the digitisation of its retail lending processes, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).
The bank, which holds $3.2 billion in assets, needed a platform which could work with its existing processes and could perform customer onboarding, document management, and retail lending.
According to Ruth Anne Ryan-Catalano, vice president of retail banking at CNB Bank, nCino “can provide us with back-end processing capabilities that will allow our employees to conduct their business with greater speed and visibility.”
Paul Clarkson, senior vice president of community and regional financial institutions at nCino, added: “CNB is not just rolling out new technology by utilizing nCino, they’re implementing a modern way of doing business.”
“We’re glad CNB chose to partner with nCino and look forward to working together closely to ensure the nCino Bank Operating System is a catalyst for enhancing CNB’s operational efficiency and customer-centric procedures and delivery channels.”
nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012 and headquartered in Wilmington, North Carolina, the company has raised more than $213 million in funding.
Cloud banking innovator nCinogarnered its largest funding round to date, bringing in $80 million. The round was led by a group of investors advised by T. Rowe Price, with participation from existing investor Salesforce Ventures.
Today’s round elevates nCino’s total funding to over $213 million. The company will use the new investment to boost research and development efforts for the nCino Bank Operating System, expand globally, hire new talent, and develop the skills of its 750 person-strong workforce.
“Since day one, our vision has been to be the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino. “We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do. This strategic fundraise aligns with that vision and mission by leveraging the investment approaches of two industry leaders to help us further scale our business and Bank Operating System to continue enabling financial institutions to provide the kind of personalized, streamlined and fast experiences that customers have come to expect in the digital era.”
nCino demoed its Bank Operating System at FinovateEurope 2017. The SaaS solution is built on the Salesforce platform and aims to create efficiencies for financial services companies in delivering personalized onboarding, loan origination, and deposit account opening experiences.
Recently, nCino has partnered with Santander UK, teamed up with Mambu to create a banking solution for B-North, and acquired analytics firm Visible Equity.
With offices in London, Sydney, Toronto, Salt Lake City, and Wilmington, North Carolia, nCino serves a growing list of 1,100 financial services clients ranging in size from $30 million to $2 trillion.
Santander UK is set to replace 13 legacy systems in its SME, corporate and commercial banking operations with nCino’s bank operating system, writes Alex Hamilton of Fintech Futures (Finovate’s sister publication).
Santander UK, a wholly-owned subsidiary of Banco Santander, is looking to implement a “digital platform and modern technology stack that can be rapidly configured, tested and launched as market trends demand.”
“Customer expectations are constantly changing,” said Jonathan Holman, head of digital transformation at Santander UK. He added that it was “imperative” that the bank found the right partner during the selection process.
nCino’s bank operating system will be deployed at Santander on an outsourced basis. For Holman, this means that the bank will be able to onboard customers “more quickly, more efficiently, and respond to customer needs while remaining compliant with regulations.”
Pullen Daniel, international managing director of nCino, added: “Santander UK understands the importance of adapting to changing customer expectations and market needs, and has invested accordingly. We are extremely proud to work with this innovative and customer-centric institution.”
U.S.-based nCino has reported a series of wins in September and August, including Allied Irish Banks, B-North, and Alterna Bank.
Banco Santander revealed a €1.5 billion hit to its UK division’s value this week, something that the banking group blamed largely on a complex regulatory environment in the U.K. market, specifically the ringfencing of investment banking from retail banking.
Increased market competition and economic uncertainty created by the imminent departure of the U.K. from the European Union were also cited as reasons for the writedown.
nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012 and headquartered in Wilmington, North Carolina, the company has raised more than $133 million in funding. Salesforce Ventures and Insight Partners are among the company’s investors.
U.K.-based start-up B-North has chosen a German Software-as-a-service (SaaS) company, Mambu, to provide its core banking technology, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
The Manchester neobank, which is still awaiting a license from the Financial Conduct Authority (FCA), is the first client to experience a co-created solution by Mambu and a U.S.-based cloud banking tech provider, nCino.
The cloud provider will deliver its loan and deposit origination platform, enabling the challenger to speed up its processes and deliver a highly efficient, “minimum hassle” service to its SME customers.
“The advantage of creating a new bank without legacy systems or legacy business processes is we can design the solution around our customer’s needs and leverage the very best cloud-based technology,” said B-North CTO, Ewan Hutton.
He added: “Mambu has already proved its engineering capabilities with its core banking solution in the marketplace and for B-North it is a perfect fit vs traditional solutions that are over-engineered legacy designs with recent front-end face-lifts.”
B-North’s new localised technology will make loans available to SMEs in just ten working days, rather than the standard three to four months.
Currently, SMEs make up 99% of U.K. businesses and employ more than 16 million people.
nCino’s area vice-president, Jacqui Morcombe, said: “B-North is taking a progressive approach to its technology strategy. By building a foundational cloud-based architecture it is establishing itself as a customer-centric institution without the constraints of inflexible systems as market pressures shift.”
Founded in 2012 and headquartered in Wilmington, North Carolina, nCino demonstrated its Bank Operating System at FinovateEurope 2017. Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013, and returned to participate in our developers conference FinDEVr New York in 2016. Mambu was founded in 2011.