Small Business Banking

Finding the right solution for small business banking can be a difficult process. Whether you’re an institution who serves small businesses or a small business owner yourself, you deserve the best possible experience. When it comes to delivering an outstanding experience, personalization is key. By tailoring services to meet the unique needs of each small business owner, financial institutions can foster strong and lasting relationships.

In the evolving landscape of financial regulation, understanding and complying with Dodd-Frank 1071 presents both challenges and opportunities for financial institutions. Mastering this terrain can seem daunting, but with the right strategies and insights, compliance can become a catalyst for growth and innovation.

Compliance with Dodd-Frank 1071 has been an important and sometimes contentious topic of discussion, due in part to varied sentiment, the US district court injunction, anticipated new effective dates, requisite change management, and rigorous regulatory enforcement. To make matters even more challenging, strategies and interpretations of compliance requirements are inconsistent across institutions, making the job of compliance an ongoing task.

Seizing the OpportunitiesAs financial institutions figure out how to keep up with these challenges, they have several opportunities and choices. Compliance with Dodd-Frank 1071 presents opportunities for expanded customer data analytics, operational standardization, and tapping into underserved market segments. Leveraging these potential benefits can lead to significant advancements for financial institutions.

“We want to begin collecting the data as soon as we can so we can start validating our processes and our training environment.” - Jason Spelliscy, Senior Manager - Product Compliance, nCino

nCino's Role in ComplianceWith over 300 customers originating 1071-reportable loans on our platform, nCino is keen on making compliance manageable and beneficial for financial institutions. Our robust solution includes logic-based mappings, data review screens, comprehensive data capture, viewing restrictions, permissions, and data extracts. Our goal is to create a seamless experience for FIs and their users.

WILMINGTON, N.C., Sept. 06, 2023 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced enhancements to its Small Business Banking Solution. The updates allow for relevant data to be captured as a part of the loan origination workflow across a financial institution’s portfolio and subsequently exported for Dodd-Frank 1071 compliance.

nCino’s Small Business Banking Solution adapts to an ever-changing regulatory landscape, allowing institutions to expand their portfolio, capture relevant demographic data, and stay ahead of regulation deadlines. As additional regulatory milestones approach or evolve, nCino will continue to release updates and enhancements affording financial institutions time to fine-tune processes and help ensure compliance.

As if simplifying compliance in the financial sector wasn’t already a challenge, recent news surrounding Dodd-Frank 1071 continues to complicate matters and raise questions.

For many financial institutions (FIs) in the United States, small businesses represent a vital market that hasn’t yet been fully banked. Depending on what these FIs do next, this could be viewed as an occasion for growth, or a lost opportunity. Small business in the U.S. has continued to grow since the COVID-19 pandemic. Today there are over 33 million small businesses in the market, who represent $115 billion in revenue. With today’s advanced technology, financial institutions can tap into the unmet potential of small business banking. To do so, they must strike the right balance between a traditional high-touch strategy and an innovative high-tech approach.

Time for Innovation: Delivering High-Tech to Small BusinessesTraditionally, small business banking has been approached with a high-touch process. However, it’s no longer enough to rely only on in-branch experiences and services when it comes to small business banking clients.

Grasshopper, a digital bank, has partnered with nCino to improve its commercial and SBA lending businesses. nCino's cloud-based banking platform will help Grasshopper to improve its internal efficiency, speed to market, and customer experience.