Recently, nCino brought together several of our European Corporate and Investment Banking (CIB) clients to discuss industry trends. During the session, we highlighted how our solution supports CIB lenders in delivering personalised experiences from acquisition through to balance sheet and fostering stronger client relationships.
Navigating Economic Volatility with Legacy TechnologyThe current economic environment, driven by interest rate and other inflationary pressures, is impacting profitability and risk management in CIB lending unlike anything we’ve seen in the last decade. Alongside economic pressures, compliance with evolving regulations remains a top concern and shows no signs of slowing down. Policy changes increasingly need to be enacted in real time – something legacy technology is not equipped to do.
These systems, characterised by disparate data and manual processes, are hindering banks' ability to adapt quickly to a changing market, capture and report on data, and gain actionable insights from their portfolio.
There are a number of factors to consider as your financial institution considers what tech vendor to implement.
Among these factors are agility, efficiency, and reputation, all of which will help your institution succeed and scale for the future.
The factors in this article are a great way to start your evaluation, but they’re just the beginning. To learn more about why nCino is the right choice for your institution, schedule a demo today.
As we approach the end of the year, many financial institutions are already budgeting for 2023.
As your financial institution considers the tools, technologies and partnerships that will help you scale in the years to come, there are a number of factors to consider when evaluating a potential vendor.
As our digital and economic landscape continues to shift, financial institutions must be prepared to evolve alongside a society that expects instant results and the frictionless ease of automation. Post-pandemic, consumers are less likely than ever to go to a physical branch, so a robust online presence has become a vital component to banking.
With the market constantly in flux, choosing an agile vendor who can grow and adapt with you through an ever-evolving market is more important than ever. Many of the FIs who have implemented nCino have experienced this benefit firsthand, and chose nCino in part because its nimble, scalable single platform solution helps them manage their clients’ needs and enables their employee to provide more effective customer service, no matter where they’re working.
The more your technology can do for you, the more you can do for your clients with the time you’ll save by eliminating standard paper processes. Rekeying data manually with numerous handoffs can increase the likelihood for error or mis-entry, while an efficient system that works on automation can help you reduce the number of errors and decrease time spent re-entering data in multiple locations. Choosing a vendor that can help you increase accountability, reduce regulatory preparation time, increase staff productivity, and reduce loan cycle times will benefit your financial institution’s overall profitability.
nCino, for example, drives efficiency by removing duplicate data entry, eliminating paper files, and increasing transparency and collaboration among employees and other bank stakeholders. By delivering data intelligence across all business lines, nCino can help you create meaningful real-time reports, monitor and analyze performance, and reduce regulatory prep time while enhancing compliance.
One of the top concerns when choosing a new software solution is the implementation process. What kind of training will be required for your employees? How big is the learning curve? Is there a robust customer support department ready to help your team overcome any unexpected challenges? Are there additional training resources available?
This is one of the reasons nCino offers many resources to ensure a seamless implementation journey, including thorough onsite training to help customers go live successfully. We know that even post-training, FIs may have outstanding questions, so we created several self-service training materials to enhance user experience. In nCino Community, for example, users can access exclusive content, share and discover best practices, find solutions for technical issues, suggest and vote for future product developments, and connect with other nCino users, administrators, developers, and subject-matter experts. Users also have access to nCino Knowledge, a collection of articles answering common questions, providing best practice tips, and documenting configuration and product features. Additionally, nCino offers a free “office hours” resource, providing institutions with assistance for any challenges they might experience.
Reading is vital to the selection process. These stories can help you understand how the product you’re considering works, how it can add value to your institution’s daily processes and how your peers are leveraging this technology in new and exciting ways. Testimonies from comparable peers are invaluable when considering the reputation of a technology vendor and how they might alleviate pain points for your institution.
When evaluating a potential vendor, be sure to read numerous case studies, watch customer success videos or even attend an event like nSight, nCino’s annual user conference, where you can meet other customers face-to-face and ask them about experiences. The knowledge you gain from these conversations and stories will be invaluable and will help you make the right decision.
Changing how you’ve always done things—whether that be spreadsheets, Excel files, or faxing and scanning documents—can be daunting. Change is often difficult, but it doesn’t have to be painful. When you consider vendors, you want to choose someone who is going to cut down your multiple avenues of entry, re-entry, and processing. A vendor with a single end-to-end platform can help you save time and money, allowing you to spend more time with your customers and less time with your screens. Being able to log into just one place instead of multiple platforms can allow you to see everything across the lifecycle of your products and get to “yes” faster.
Through ease of integration that does not disrupt the bank or affect the core, nCino consolidates multiple banking systems into one platform and delivers an intuitive software interface. With nCino, you get a quick view dashboard, consolidated data services, and industry-leading implementation times.
As you evaluate vendors, analyze technologies and look to the future of your financial institution, it’s vital to ensure that your next partner can not only meet, but exceed, your needs.These five factors are a great place to start, but they’re just the beginning. To learn more about why nCino is the right choice for your institution, schedule your demo today.