In April and November, nCino hosted two Community & Regional (C&R) Bank Executive Forums, where we welcomed an exclusive group of executives from nCino’s customer base to enjoy an open and collaborative forum for peer networking, access to nCino leadership and the opportunity to provide feedback and help guide the future of the Bank Operating System.
At each of these events, attendees heard from industry leaders, innovative thinkers, and insightful peers, and shared their own thoughts during candid conversations and roundtable discussions. Below are some of the key takeaways we heard from leaders in the C&R space during these two unique and intimate events:
The Customer Experience Is #1
A customer will always compare their experience at their financial institution to the last experience they had with any other digital provider—not just banking. As such, the bar for customer experience is being constantly elevated in real time, all the time. At both C&R forums, attendees discussed how they’re implementing and expanding their use of the nCino platform in new monetizable ways and how to deliver “As-A-Service” offerings to other non-bank lenders and potential partners. They also discussed opportunities to do more self-service in commercial lending, which is an area typically dependent on face-to-face relationships.
One thing all attendees could all agree on is a 360-degree view of the customer is key to fostering strong relationships. While many FIs are still working on achieving this, nCino customers have used our single platform solution to get closer to this ideal. One customer said that roughly 75% of their bank’s client products and services are visible and accurate in nCino, which was great to hear—for us and for their peers.
The Power of Partnerships
While technology was obviously a big topic of conversation, attendees were just as eager to talk about the people at their institutions—their employees and their customers. Our customers view nCino as a true partner in their digital transformation journey, and this relationship allows financial institutions to bring new products and services to their customers faster. It also helps our customers and their employees feel supported before, during and after their go-live on nCino. As one participant stated, you can’t leave a customer with no one to call when something goes wrong, and we’re proud of that fact that nCino is always there.
Ron Shevlin, Chief Research Officer at Cornerstone Advisors and a Senior Contributor at Forbes, spoke at the Fall C&R Forum about the collaborative future of banking, during which he shared the stat that nine in ten bankers say fintech partnerships are important to their institution. Shevlin also predicted that “embedded fintech”—the integration of fintech products and services into financial institutions’ websites, mobile apps, and business processes—would be an increasingly powerful way for financial institutions to offer more value to their customers while improving growth, efficiency and equity. The challenge, of course, is finding the right partner to help them on their journey.
Keeping an Eye on the Economy
From restaurants facing logistics challenges to bank tellers feeling pain at the pump during their commute, macro-economic threats are having a real impact on banks’ businesses today. As interest rates continue to rise, financial institutions are thinking about what improvements they can invest in this year, and there is a bullish mentality among smaller FIs who are looking to do some asset acquisition. While the news is full of stories about banks cutting fees, this isn’t a popular option in the community and regional space, as it leaves too big of a revenue hole to fill. Customers shared other strategies, such as reducing fees and shifting the cost into their products.
During the Spring C&R Forum, Michelle King, President at Bank Director, spoke about the power of partnerships and how banks can leverage their partnerships during a volatile economy. These themes were just as relevant during the Fall C&R Forum, where Taylor Nadauld, nCino’s Chief Economist, shared updates on the labor market situation, the housing market, the latest research on credit risk, and inflation. “The key question,” Taylor said, “is how long does inflation last?” While the Fed is working hard to tame inflation, it will likely be an issue throughout 2023, and financial institutions—and their partners—need to be prepared.
Moving Forward Together
As we enter an increasingly complicated and challenging moment, we’re grateful for the connections, perspectives and insights shared at nCino’s Community & Regional Bank Executive Forum and for the customers who help make nCino the worldwide leader in cloud banking.
See what nCino can do for your institution: schedule a demo today.