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.
Celent Features nCino's Small Business Banking Solution in New Report
nCino's Small Business Banking Solution, recognized by Celent, offers a versatile digital platform to streamline services, cut loan processing time and enhance customer experiences for financial institutions.
The solution enables real-time collaboration across stakeholders, supports various customer journeys and optimizes credit origination processes, leading to significant efficiency improvements.
The success story of a $35 billion asset institution showcases the solution's potential, achieving a remarkable 95% reduction in loan processing time, highlighting the value of nCino's platform in the banking industry.
Exciting news: nCino’s Small Business Banking Solution was recently featured in Celent’s Solutionscape, a report compiled to provide guidance for banks and credit unions who are seeking a tech partner. One of the (many!) reasons nCino was featured is because our configurable and flexible Small Business Banking Solution enables financial institutions to leverage technology to overcome the challenges of serving small businesses and allows financial institutions to go to market more quickly.
nCino first launched our small business lending functionality in 2012 and added deposit account opening and online application in 2016, both key features of the Small Business Banking Solution. With a single, secure, cloud-based platform, nCino unites key steps in the onboarding, account opening and lending process from online application through underwriting and automated decisioning, document preparation, closing and e-signature. Institutions can mitigate risk, reduce time to fund (from weeks to days, hours and minutes) and create an exceptional customer experience leading to lasting and profitable relationships. The Small Business Banking Solution assists financial institutions in increasing profitability of loans, reducing loan decision delivery time, automating and streamlining workflow, reducing customer opportunity costs and increasing loan volume and staff efficiency.
“Banks have a significant opportunity to realize step change in small business lending,” says Alenka Grealish, Principal Analyst of Celent. “Banks bring a strong foundation for success that is often underestimated: customer demand, omnichannel, multiple customer journey capabilities, and a stable balance sheet. The factor they typically lack is digitalization across channels, products, and processes for both customers and employees.”
“Without digitalization, the economics of small business loans do not work. By transforming their business and operating models and implementing an end-to-end digital platform, the economics of small loans become not only viable but also very attractive,” says Grealish.
According to Celent, nCino stands out on multiple fronts:
Allows customers, branch bankers, relationship managers, loan officers, service team members, and other stakeholders to be on the same page in real time across channels—both in branch and online across various devices
Supports all types of customer journeys, from straight-through processing to partial underwriting to full underwriting through front-to-back platform
Enables a bank to run a single application process for multiple products
One example of this powerful solution at work: after implementing nCino’s Small Business Banking Solution, an institution with $35 billion in assets saw a 95% reduction in loan processing time, down from 90 minutes to only 5 minutes. The same institution eliminated 17 spreadsheets used for manual processing.
“nCino has been in the vanguard of digitalization of credit origination. In building its platform, it realized two critical elements. First, both the customer and employee journey have to be digitized and that both need to be literally on the same page in real time across channels. Second, credit journeys are rarely straight-through, often requiring partial to full underwriting and customer engagement. As a result, nCino has built a platform that can deliver high tech touch, maximizing process digitization while optimizing employee and customer time.” — Alenka Grealish, Principal Analyst, Celent
To learn more, download the Celent report now.