Thought Leadership |

How FIs Can Scale Business Deposits & Reduce Business Onboarding Time

Solution

Deposit Account Opening Small Business Banking

Region

North America

Institution

Credit UnionsBanks

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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!

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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.

Above Average: Unlocking the Full Potential of the Small Business Market

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Navigating Dodd-Frank 1071: Turning Compliance Challenges into Opportunities

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.

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Streamline Compliance and Prepare for Dodd-Frank 1071 with nCino's Small Business Banking Solution

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.

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Above Average: Unlocking the Full Potential of the Small Business Market

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.

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4 Steps to Prepare Your Financial Institution for Dodd-Frank 1071

Dodd-Frank 1071’s final rule, issued on March 30th, 2023, one day before the critical amendment to the Equal Credit Opportunity Act (ECOA) was anticipated to be finalized, is a game-changer for small business lenders.The rule mandates that financial institutions report certain lending data points for small business lending, including demographic data on women-owned, minority-owned and LGBTQI+-owned small businesses. This data will be used by the Consumer Financial Protection Bureau (CFPB) to enforce fair lending laws and to identify community needs and access to credit. The data collected under the rule will also be used to develop new programs and initiatives to support small businesses.

When a financial institution (FI) is required to collect and report the required data is dependent upon the number of small business loans originated during 2022 and 2023. The earliest date an FI is required to begin collecting data is October, 1, 2024 (2,500 originations) with time extensions to April 1, 2025 (100 or 500 to 2,500 originations) or January 1, 2026 (at least 100 originations), depending on circumstances.

The rule is a complex one, and FIs will need to take steps to comply with it. As your FI prepares to conform to the new requirements, here are some actions to consider.

How FIs Can Scale Business Deposits & Reduce Business Onboarding Time

Solution

Other Topics

Region

Institution

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.

Identity management and decisioning

Time to open a business account

Wide range of digital appetites and aptitudes

Outdated processes

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