Thought Leadership |

How FIs Can Scale Business Deposits & Reduce Business Onboarding Time


Other Topics

Small Business BankingDeposit Account Opening



Credit UnionsBanks
key points
  • Small businesses represent 99.9% of U.S. businesses. However, the small business banking experience is often lacking compared to other lines of business.

  • nCino's Business Deposit Account Opening solution can make the first step in the small business banking journey much easier.

  • Learn more about how this solution works and tackles typical small business banking challenges by scheduling a demo today

In 2021, the number of small businesses in the United States reached 32.5 million, making up 99.9% of total US businesses. In other words, there’s nothing “small” about small businesses.

However, the small business banking experience can be fragmented and often requires in-person interactions for simple banking needs, such as opening an account. nCino is excited to make the first step in the small business banking experience even easier with our Business Deposit Account Opening solution.

nCino’s Business Deposit Account Opening Solution enhances the small business experience by meeting the expectations of small business owners while solving the main issues businesses and financial institutions (FIs) face in the account opening process. These challenges include:

Identity management and decisioning

FIs often struggle to efficiently and thoroughly onboard small businesses while successfully mitigating fraud. The biggest challenge lies in verifying business identities with both speed and accuracy. That’s why nCino has partnered with an industry-leading partner, Alloy, to provide an end-to-end identity management and decisioning solution to power instant decisions that include Know Your Business (KYB), Anti-Money Laundering (AML) and fraud checks.

Time to open a business account

For some small business owners working with certain FIs, business onboarding process can take up to two weeks and may involve multiple trips to the bank. As your FI continues to digitally transform your operations, one of the main areas you can improve the business owner experience is speed. With nCino’s Business Deposit Account Opening Solution, FIs average a 79% reduction in onboarding and account opening time, which means those small business owners can get back to work faster.

Wide range of digital appetites and aptitudes

Successful digital transformation requires an analysis of your customer journey to allow for the right interaction at the right time based on your customers’ appetite for digital experiences. Digital journeys are more important than ever and must be coupled with human personalization to satisfy the complexities of regulatory requirements within business banking. nCino provides digital onboarding and account opening experiences to allow you and your bankers access to workflow automation, business augmentation, data analytics, and business intelligence all on one platform, making it easy to tailor your service to each individual business owner’s needs.

Outdated processes

Using multiple systems and manual processes that can result in inefficiencies and increased risk will not only affect your FIs bottom-line—it will also negatively affect the small business owner’s experience. nCino’s Business Deposit Account Opening solution shortens the to-do list for bankers and business owners by streamlining processes and saving time.

nCino helps FIs provide an exceptional onboarding experience to small businesses owners while delivering products and services that enable them to stay competitive in today’s digital environment.

Ready to explore how nCino can help scale business deposits at your institution? Schedule a demo today!