Customer Onboarding

Business lending remains a critical growth driver for banks, yet many struggle to scale effectively. What's holding them back?

Over the last decade, vendors have solved the problem of consumer account opening. Many solutions allow your company to open a consumer account in minutes. The Identity and Verification (ID&V) tools for individuals that power these consumer account opening tools are mature enough that they're now being commoditized. On the other hand, opening accounts for businesses and other complex entities like trusts, not-for-profits, MSBs, or foreign individuals, still requires manual processes and lengthy account opening times.

Idaho Central Credit Union (ICCU) has a growing, wide-spread customer base with diverse needs. That’s just one reason the ICCU has partnered with nCino across multiple lines of business—and why they knew nCino would be able to help them transform their business lending processes.

The imperative for digital account opening is high due to competitive pressures, but mistakes in implementation can hinder success. Financial institutions should avoid missteps such as underestimating integration complexity, neglecting marketing needs, failing to cross-sell across business lines, separating application processing from onboarding, and not continuously monitoring and improving the process.