For years, financial services experts emphasized the need for financial institutions (FIs) to adopt technology to keep pace with changing customer expectations and improve organizational efficiencies. Yet many FIs are slow to show progress when it comes to digital transformation.The Covid-19 pandemic proved to be a catalyst event, forcing FIs to quickly reevaluate their ability to provide financial support and services through their existing systems. As people were forced to bank primarily online, the FIs already equipped to serve customers digitally, or those able to quickly adapt, fared better than those using antiquated, disparate systems. Many of the digital-forward FIs were able to maintain operations and even gain new customers despite the challenging environment.To truly create a holistic digital experience that meets customer expectations, FIs must consider the following when forming a strategy for approaching digital transformation: people, process, and technology.

Community bank simplifies and streamlines account opening for business clients.

Data and analytics have been buzzwords for years in the financial services industry, but only recently have banks started using data analytics to meaningfully drive revenue and improve the customer experience. Today, banks on the leading edge are using advanced analytics to inform and prioritize among marketing campaigns, and then automate those campaigns so that dozens, if not hundreds, can be run simultaneously by financial institutions of any size.Growing revenue in a responsible way has always been a challenge for banks, but it’s not the growing part that’s hard. A bank can grow revenue by simply easing underwriting standards and boosting loan volumes. But this increases credit risk, leading to higher charge-offs in the future. Thus, this is not an ideal growth strategy for long-term success. The challenge is to grow revenue responsibly, ideally in a way that doesn’t require regular infusions of capital.

The COVID-19 pandemic became a catalyst for the digital transformation of financial institutions worldwide, making technologies such as the cloud and artificial intelligence (AI) essential components for business and success.

As the worldwide leader in cloud banking, nCino's mission is to transform the global financial services industry through innovation, reputation, and speed.From day one we knew a strong culture was key to our success, which is why we’ve worked hard to cultivate a working environment our employees love. Crucial to maintaining this strong culture is empowering employees to think bigger, encouraging new ideas to promote innovation, providing teams with the resources to be successful, and – most importantly – having fun while working hard.

The COVID-19 pandemic has permanently reshaped many industries, including financial services. Financial institutions around the globe have responded to these changes by becoming more proactive, adaptive and innovative, resulting in new industry trends. Wondering what to expect in 2022? We surveyed executives in the financial services industry and identified the top four commercial banking trends for 2022.

nCino now offers certifications for our core solution areas! The nCino certification program is a valuable resource for learners who want to demonstrate their knowledge and skills in nCino's software.

Digital banking platform streamlines and simplifies onboarding for business customers.