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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
PayStandLeverages the Blockchain to Document Proof-of-Action.
DriveWealthPowers Commission-Free Trading for Revolut Cardholders.
Around the web
Columbia Bank to leveragenCino’s Bank Operating System.
Fast Company highlightsLighter Capital as a competitor to Clearbanc.
Ezbobwins the Best Fintech Partnership category for its Smart Onboarding Engine in this year’s Banker’s Tech Projects Awards.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Cloud banking innovator nCino is adding the financial analytics and compliance capability of Salt Lake City, Utah-based Visible Equity to its platform. The acquisition, announced last week, brings enhanced portfolio management and analytic insights to nCino’s Bank Operating System, and is designed to help banks and credit unions better manage risk and meet compliance regulations with regard to fair lending.
Calling Visible Equity “a perfect complement to our vision, mission and company culture,” nCino CEO Pierre Naudé put the news in the broader context of nCino’s long-term commitment to “transform” financial services. “We believe this acquisition will further enable us to execute on that mission,” Naudé said, adding that together Visible Equity and nCino will give clients “greater insights, efficiency, and risk management while furthering their customer relationships.”
In their statement, the companies said that they will continue to market their solutions separately, but added “the two platforms will become fully integrated to provide a seamless client and cloud-based experience.”
With more than 850 financial institution customers, Visible Equity provides analytics, data warehousing, and reporting to enable FIs to better identify and manage risk. The company’s technology blends customer data from loans, applications, deposits, marketing and other sources with advanced analytics to empower banks and credit unions to make accurate, data-driven decisions.
Visible Equity CEO and President Brad Hansen called the acquisition by nCino “the right move for us and a natural fit.” He highlighted the two companies’ shared “passion for innovation” and emphasis on customer success. “A key driver of our desire to become a part of the nCino family is their industry-leading Bank Operating System and ability to support a global client base of enterprise, regional, and community financial institutions,” Hansen said.
nCino made its Finovate debut at FinovateEurope 2017, demoing its Bank Operating System. The technology leverages the Salesforce platform to provide financial institutions with an end-to-end, cloud-based banking solution that features CRM, loan origination, workflow, ECM, business intelligence and reporting all in one secure environment. nCino notes that its client institutions on average have experienced 40% decrease in loan closing times, 92% reduction in servicing costs, and 127% increase in account opening completion rates.
Other recent headlines for nCino include the appointment of Andrew Carriline as Strategic Advisor and the opening of a new office in Toronto, Ontario, Canada. The company has announced a slew of new partnerships in 2019, teaming up with Westfield Bank and South State Bank in June; collaborating with S&T Bank in May, Navy Federal Credit Union in April, and both Project B-North and St. Louis Bank in March.
Based in Wilmington, North Carolina, nCino has raised more than $133 million in funding from investors including Salesforce Ventures, Wellington Management, and Insight Partners. The company was founded in 2012.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
nCinoannounces expansion to Canada, opens doors on new Toronto, Ontario office.
Avaloqacquires structured products and derivatives data provider Derivative Partners.
Singapore’s Fintech News featuresaixigo, Nutmeg, and nextmarkets in its look at top European wealthtech solutions “that Singaporean banks should know.”
Anorakteams up with protection and mortgage advice company Albany Park.
NDGITannounces new strategic customer in Portuguese challenger bank, Banco BNI Europa.
The ID Co. joins North American division of the Financial Data & Technology Association (FDATA).
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Cloud banking provider nCinoannounced today it will power a digital banking experience for South State Bank’s commercial banking customers.
The South Carolina-based bank will leverage the nCino Bank Operating System to improve its operations and provide a digital, omni-channel solution for its 700,000 customers across the Carolinas, Georgia, and Virginia. Specifically, South State hopes to improve its CRM technology, customer onboarding, account opening, workflow, credit analysis, enterprise content management, and instant reporting capabilities.
“It’s important to us to offer the right combination of high-touch personalized banking expertise and high-tech capabilities,” said President of South State Bank Greg Lapointe. “We’re committed to delivering exceptional service and believe nCino’s market-leading platform will provide our staff with the right tools and digital infrastructure to quickly and efficiently serve customers’ evolving needs.”
nCino demonstrated its Bank Operating System at FinovateEurope 2017. The North Carolina-based company offers a holistic platform that integrates the bank’s core system, as well as third party applications, while replacing dated solutions and manual processes.
The company has more than 200 clients from credit unions to banks with more than $10 billion in assets under management. Some of the company’s customers include Navy Federal Credit Union, SunTrust, Santander, and Regions.
So far in 2019, nCino has sparked a partnership with Accenture and landed clients from across the globe, including Sydney-based Thinktank, Stockholm-based DBT Företagslån, U.K.-based Project BankNorth, and Belgium-based Centrale Kredietverlening bank.
Since it was founded in 2012, nCino has raised $133 million in funding from the likes of Salesforce Ventures and Insight Venture Partners. Pierre Naudé is CEO.
Voleo to participate in Google’s Digital Strategy program to boost user acquisition on its social trading application.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Insuritas and Tower Hill Specialty partner to bring Tower Hill’s property products to market through Insuritas’ bank partner network.
NIIT Technologiespartners with Blue Chip to bring its wealth management application to Blue Chip’s IBM POWER.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Project BankNorth, a U.K.-based SME lender, has teamed up with nCino, and will leverage the fintech’s Bank Operating System to better serve the financing needs of small businesses when it goes live in 2020.
nCino International Managing Director Pullen Daniel praised BankNorth as an “up-and-coming challenger.” He said, “The BankNorth team is extremely experienced and well-regarded, and were able to identify a gap in the SME market upon which to build their unique offering.”
Customer experience was at the heart of BankNorth’s decision to partner with nCino. Founder and CEO Jonathan Thompson underscored the value of working with nCino at the early stages. “It’s critical we provide a smooth and intuitive interface for our customers and introducers in order to deliver a fantastic customer experience,” Thompson said. “Working with nCino early on in our development allows us to tailor our whole business around delivering an engaging and differentiated customer experience.”
BankNorth is backed by veterans of Atom Bank, HSBC, First Direct, Santander, and RBS, and represents a blend of both traditional and challenger banking worlds. At the beginning of the year, the company announced four new senior hires, including a chief technology officer. Backing BankNorth are GrowthFunders and G.Ventures, the trading arms of Growth Capital Ventures. The challenger has yet to secure a banking license.
nCino demonstrated its Bank Operating System at FinovateEurope 2017. The cloud-based technology combines customer onboarding, CRM, account opening, loan origination, workflow, credit analysis, ECM, and instant reporting, to help banks drive revenue and leverage analytics to better serve their customers.
Earlier this month, nCino announced that Swedish SME lender DBT Företagslån and Australian commercial property lender Thinktank are leveraging nCino’s Bank Operating System to automate workflows and enhance customer journeys. In February, the company and partner Accenture said they would broaden the scope of their alliance to reach FIs in the Asia-Pacific and EMEA regions.
Founded in 2012, nCino has raised $133.2 million in funding. The company includes Salesforce Ventures and Insight Venture Partners among its investors.
Swedish SME lender DBT Företagslån is the latest fintech to team up with cloud banking leader nCino. The Stockholm-based company will leverage nCino’s Bank Operating System to automate and digitize its own workflows, as well as enhance its customer journey.
DBT Företagslån CEO Alexis Kopylov underscored the importance of the latter in a statement announcing the partnership. “For DBT, all digital investments are made with the single focus on strengthening the customer journey. The nCino platform is an important enabler for this ambition.” Kopylov credited nCino’s experience in both banking and in working with innovative fintechs, which he said would help his firm “challenge the status quo.”
“nCino was the only system that we evaluated that did not feel like a cumbersome tool, but a solution that will strengthen the customer experience and enable further scalability of our operations,” Kopylov said.
The partnership announcement highlighted a handful of features of the Bank Operating System, including the Customer Portal and the nCino Community. The portal enables customers to interact with staff members via the channel of their choice. The nCino community provides an online ecosystem where users, developers, and analysts can access exclusive content, as well as discuss and share best practices.
Sweden is not the only country where nCino’s technology is being deployed this week. Australian commercial property lender Thinktank announced today that it has implemented nCino’s Bank Operating System to automate and digitize its own internal processes.
Thinktank CEO Jonathan Street, praised nCino’s background and experience in the banking sector, and the fact that the company “shared (Thinktank’s) financial services DNA.” This is important, Street explained, insofar as commercial property lending has unique features that differentiate it from most lending systems. The technology’s seamless integration with Salesforce was another strong point for Thinktank, he added, enabling the firm to be more efficient and have better control over its data.
Headquartered in Wilmington, North Carolina, and founded in 2012, nCino demonstrated its Bank Operating System at FinovateEurope 2017. With average clients experiencing reductions of 92% in servicing costs and increased account opening completion rates of 127%, nCino works with more than 200 FIs around the world, including Navy Federal Credit Union, the largest member-based credit union in the U.S.
nCino has raised $133.2 million in funding, and includes Salesforce Ventures and Insight Venture Partners among its investors.
nCinoLands New Customers from Stockholm to Sydney.
TurnKey LenderLocks in New Investment from OSK Ventures.
CREALOGIX Helps Launch Mobile Banking for Hampden & Co.
Around the web
Fiservinks partnerships with HealthCare First Credit Union and Portland Local 8 Federal Credit Union.
Kontomatikearns license from Bank of Lithuania to operate as an AISP in 11 EU countries.
Palestine Islamic Bank to deployTemenosInfinity and TemenosT24 systems as part of its digital transformation efforts.
ThetaRay and HackerOnenamed to Network World’s 10 Security Startups to Watch.
Retail finance technology provider Deko teams up with Featurespace to enhance security on its lending platform.
Onfidoannounces partnership with INTERPOL to help the international police organization better spot fraudulent IDs.
CAP Services choosesBaker Hill to support its lending initiatives for small businesses and low-income individuals.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Middle East and Northern Africa
ZagTrader and BeQuant team Up to help institutions go crypto.
Temenospartners with Saudi Arabia’s Al Rajhi bank.
Emirates NBD to work with Intellect Design Arena for a planned digital transformation of its transaction banking platform.
Central and South Asia
BankBazaarannounces partnership with Ujjivan Small Finance Bank for Personal Loans.
Victoria Commercial Bank Kenya goes live with corporate banking technology powered by i-exceed’sAppzillon.
Aurora interviews Bernhard Klemen, international partner with venture capital fund Sarmayacar on opportunities for venture financing for Pakistani fintech startups.
Latin America and the Caribbean
German challenger bank N26 announces plans to expand to Brazil.
BBVA Colombia looks at its role in helping promote fintech innovation in Peru. In Spanish.
Leading Vietnam-based consumer finance firm, FE Credit, choosesVymo’s AI-powered personal sales assistant.
Bambu and CredoLabearn spots on Fintech News Singapore’s 29 Hottest Fintechs in Singapore 2019 roster.
Accenture and nCinopartner to better serve FIs in the Asia-Pacific and EMEA regions.
Sub-Saharan Africa
Tymebank goes live with core banking tech from Mambu.
Nigerian digital banking solution provider TeamApt raises $5.5 million in funding.
South Africa’s Standard Bank to launch private cloud-based distributed ledger platform for payments and settlement.
Central and Eastern Europe
Russia’s Tinkoff Bankjoins the country’s Faster Payments System.
Ukraine finishes its pilot project, begun in December, in support of its national digital currency, the e-hryvnia.
UK-based Rimilia and Association of Credit for Central and Eastern Europe to promote adoption of AI-based technologies to automate AR in the CEE region.
Payoneerlaunches expansion of its Capital Advance working capital offering for online merchants.
Fenergointroduces James Follette as new Global Head of Commercial and Retail Banking.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
